Real Estate Agents usually operate at least one trust account to hold client monies until they are payable to vendors, landlords or other appropriate persons. Types of money held on trust can include building purchase deposits, rental bonds, rent and fees received in advance for advertising.
There are detailed rules governing real estate trust accounts, including maintaining accurate accounting records to show the true position of all trust money received and also to enable the trust account to be properly audited. The audit of a real estate trust account must be completed within three months of year end.
For further information see the Consumer Affairs website:
Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.
We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.