February 2023 Newsletter: NT rent reform, trust account fraud, NSW CPD.

February 2023 Newsletter

Featured image: Town of Alice Springs, NT. The Northern Territory Government has announced in a media release this week that it will be rolling out a ‘Remote Rent Framework’. Read more below 👇

Picture: Getty Images

Good afternoon, Peter.

Newsletter snapshot:

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Industry updates: NT Government announces new rent framework to strengthen remote housing sector.
Disciplinary action: Western Australia Consumer Protection issues fines to agent over unauthorised trust account withdrawals, Former Victorian estate agent investigated for falsified records and misuse of trust account funds.
Important dates: NSW CPD due 22 March, WA trust account audit reports due 31 March.

INDUSTRY UPDATES

Wed, Feb 01

NT Government announces new rent framework to strengthen remote housing sector

The Northern Territory Government has announced in a media release this week that it will be rolling out a ‘Remote Rent Framework’, with the aim of providing financial sustainability to…

Mon, Jan 16

Western Australia Consumer Protection issues fines to agent over unauthorised trust account withdrawals

As an agent, being granted the authority to hold a client’s money in trust is not a privilege most take lightly. The Joondalup Magistrates Court of Western Australia has issued a former…

Mon, Jan 30

Former Victorian estate agent investigated for falsified records and misuse of trust account funds

Consumer Affairs Victoria (CAV) is acting against a former estate agent for the alleged falsification of records and misuse of more than $17,000 in trust account funds.

REMINDERS

NSW licence and registration holders, don't forget to complete your CPD by 22 March! Enrol today and ensure you are compliant for the 2022-2023 CPD year 💳💻

Don't leave CPD to the last minute ⏳

Assistant agents: Remember, licence units are full units of competency, meaning they are much more in-depth and take longer to complete than Class 1 or Class 2 CPD courses. We recommend enrolling to complete your licence units no later than January.

GO TO NSW CPD

REMINDER: Trust account audits due 31 March for agents in Western Australia ❗⏰

Trust account audit procedures differ depending on the state or territory in which you operate. These requirements are set out in property legislation, with each regulatory body often outlining and summarising trust account obligations online via their websites.

Trust account audit guidelines exist to ensure that trust money held by agents is properly managed and can be accurately accounted for at all times. Serious penalties may be incurred by agents for the misuse of a client’s money, including heavy fines and imprisonment.

LEARN MORE: WA DMIRS