• Bayside News Home
  • News
  • Sport
  • Entertainment
  • Local History
  • Contact Us
  • Advertise With Us
  • About Us
  • Read Our Newspapers Online
    • Read the Latest Western Port News
    • Read the Latest Mornington News
    • Read the Latest Southern Peninsula News
    • Read the Latest Frankston Times
    • Read the Latest Chelsea Mordialloc Mentone News
Facebook Twitter Instagram
Saturday, August 13
Trending
  • Award for golf coaching program
  • House engulfed in flames
  • Early designs for sky rail to be ‘refined’
  • Ballroom dancing to help students with confidence
  • SES survivor warns of stroke danger
  • Season on the line for Seagulls
  • Pythons face an uphill battle, Redlegs stumble
  • Ketch blown ashore in Dromana
Facebook Twitter
Bayside News
  • Home
  • News
  • Sport
  • Entertainment
  • Local History
  • Contact Us
  • Advertise With Us
  • About Us
Bayside News
Home»News»Real estate agent fined for late audit
News

Real estate agent fined for late audit

Neil WalkerBy Neil Walker18 January 2016No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Fined: Real estate agent Glenn Ryan challenged audit infringement in court.
Share
Facebook Twitter LinkedIn Pinterest Email
Fined: Real estate agent Glenn Ryan challenged audit infringement in court.
Fined: Real estate agent Glenn Ryan challenged audit infringement in court.

A FRANKSTON real estate agent has been fined for failing to have trust accounts audited in accordance with state laws.

Glenn Michael Ryan, 69, of Glenn Ryan Real Estate was fined $2000 and ordered to pay $1100 in costs after a hearing at Frankston Magistrates’ Court last week.

The audit infringement is the second time in five years that Mr Ryan has failed to comply with audit requirements on trust accounts.

In 2011 the Victorian Civil and Administrative Tribunal (VCAT) ordered Mr Ryan “to establish better trust account procedures” due to a failure to correctly balance trust accounts for 13 months between 2008 and 2010. Trust accounts were also not audited in a timely manner.

Real estate agents must set up trust accounts to hold home buyers’ deposits and rental bonds.

Consumer Affairs Victoria issued Mr Ryan with an infringement notice after he failed to have his trust accounts audited within three months of the 2013-14 financial year as required under the Estate Agents Act 1980.

Mr Ryan chose to have the infringement heard in court and said the latest infringement was an administration mix-up.

“There is no way I can force an auditor to turn up,” he said.

“They [the auditor] decided in July they couldn’t do the audit [until a later date]. I then wrote to the Justice Department and told them I may have some troubles getting it audited … but they then decided it didn’t matter whether I could get one – it was just my bad luck and I was going to be charged anyway.”

Mr Ryan said he was charged by Consumer Affairs Victoria in October last year and decided to go to court.

Consumer Affairs Victoria spokesman Michael Gleeson said Mr Ryan “elected to challenge the infringement in court, as was his right to do so”.

“CAV wishes to make clear that the matter heard in court recently was in no way related to the 2011 VCAT proceeding. There was no allegation that Mr Ryan breached any of VCAT’s orders,” Mr Gleeson said.

CAV confirmed there were no trust accounts irregularities after the belated audit was submitted.

Real estate agents can be fined up to $18,200 for failing to have trust accounts audited within three months of the end of the financial year.

First published in the Frankston Times – 18 January 2016

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Neil Walker

Related Posts

House engulfed in flames

10 August 2022

Ballroom dancing to help students with confidence

10 August 2022

New program for parking

8 August 2022

Leave A Reply Cancel Reply

Aug 13, 2022 - Sat
Chelsea, Australia
9°C
14 km/h, SE
79%
760.56 mmHg
sat08/13 sun08/14 mon08/15 tue08/16 wed08/17
12/9°C
12/11°C
10/10°C
12/10°C
13/12°C
Peninsula Essence Magazine

Click Here to Read

25 July 2022
Peninsula Kids Magazine

Click Here to Read

26 May 2022
Council Watch

Kilkenny a minister

6 July 2022

Push to stop rate collection methods

14 June 2022
Interviews

Murder mystery on the water

25 July 2022
Property of the Week

14 Lynch Court, Mt Martha

26 July 2022
100 Years Ago this Week

Ketch blown ashore in Dromana

8 August 2022
Contact

Street: 63 Watt Road, Mornington, 3931
Mailing: PO Box 588, Hastings, 3915

Menu
  • Home
  • News
  • Sport
  • Entertainment
  • Local History
  • Contact Us
  • Advertise With Us
  • About Us
About

Established in 2006, Mornington Peninsula News Group (MPNG) is a locally owned and operated, independent media company.

MPNG publishes five weekly community newspapers: the Western Port News, Mornington News, Southern Peninsula News, Frankston Times and Chelsea Mordialloc Mentone News.

MPNG also publishes two glossy magazines: Peninsula Essence and Peninsula Kids.

Facebook Twitter
© 2022 Mornington Peninsula News Group.

Type above and press Enter to search. Press Esc to cancel.