The new Property Practitioners Act (the PPA) which came into effect on 1 February 2022 requires business property practitioners, who have not been exempted from keeping a trust account, to submit an audit report to the Property Practitioners Regulatory Authority (PPRA).
According to the repealed Estate Agency Affairs Act (EAAA), audit reports on trust accounts were to be submitted to the Estate Agency Affairs Board (now PPRA) within four months of the estate agency’s financial year-end. The PPA, however, has extended the submission deadline from the previous four months to six months of the business property practitioner’s financial year-end.
Accordingly, the submission deadline for business property practitioners with a financial year-end of 28 February 2022 is now 31 August 2022 and no longer 30 June 2022.
Principals and auditors of business property practitioners are reminded to take note of the transitional provisions.
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