2025 Trust Account Audit Reports Deadline Alert
Got clients in the property game? If your property practitioner clients have trust accounts and a financial year-end of 28 February 2025, they’re facing a critical compliance deadline to submit audit reports to the Property Practitioners Regulatory Authority (PPRA) by 31 August 2025. No audit exemption letter? No wiggle room. No extensions.
🛠️ What Accountants Should Do
You might not be submitting the reports, but your role is crucial in helping clients get audit-ready and avoid major fines. Here’s how you can support them:
Confirm if they need a trust audit.
Do they have a trust account?
Did they get an audit exemption letter from the PPRA? (If not — the audit is mandatory.)
Check their auditor is IRBA-registered.
Only IRBA-approved auditors can upload reports to the PPRA system.
Help them gather the required financial info.
Auditors will need complete and accurate records to meet the deadline.
Remind them of the due date.
31 August 2025 is the cut-off — and there are no extensions.
💸 What Happens If They Miss the Deadline?
Late by 1–3 months: Daily penalty of R 20.
Still late after 30 November: R 25,000 extra fine + daily penalties.
Late submission may also block their Fidelity Fund Certificate renewal.
🧾 Trust Accounts: Quick Compliance Check
Does their bank account still refer to the old Estate Agency Affairs Act (EAAA)? If yes — that’s a problem. All trust accounts must now be registered under Section 54 of the new Property Practitioners Act (PPA). If not, they’ll be fined:
R 7,500 for incorrect Section 54(1) account
R 750 for incorrect Section 54(2) account
➡️ Solution: Advise clients to contact their bank and update the account designation immediately.
✅ Wrap-Up for Accountants
✔ Help clients check if they need a trust audit
✔ Support their auditor with records
✔ Confirm their trust accounts are correctly set up
✔ Warn them about fines and deadlines
Got clients in the property game? Make sure they don’t miss this!
Read more in the IRBA Notice issued to auditors.
