How do you apply for a trust account exemption if you are an existing property practitioner who does not need a trust account and does not want to mandate a payment processing agent?

Question

The Property Practitioners Regulatory Authority (PPRA) · Accepted Answer

1. Disburse all the trust money in your trust account, if any, and close the trust account;

2. Request your auditor to audit the winding up process, and submit a winding up audit report online on the Auditors Portal

3. Complete the Affidavit as per the format prescribed in Regulation 2 of the Property Practitioners Regulations, and have it signed and stamped by a Commissioner of Oaths;

4. Email the signed Affidavit and the bank letters confirming the closure of trust accounts to audit@theppra.org.za;

5. You will receive a trust account exemption letter from the audit@theppra.org.za email address and your trust account exemption will be effective from the date on that letter and from that date your auditor is not required to submit an audit report on trust accounts