Real Estate Trust Account Audit: Trusted & Affordable

Your real estate trust account, our trusted audit expertise – affordable, reliable, and thorough. We ensure compliance and accuracy every step of the way.

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Managing trust accounts is non-negotiable in the real estate industry — and so is getting them audited properly. Whether you’re in NSW, Victoria, Queensland, or the ACT, staying compliant with state-specific regulations is essential to protect client funds and maintain professional credibility.

At Number Solutions Tax & Accounting, we specialise in professional, affordable, and fully compliant trust account audits. With deep industry knowledge and up-to-date expertise across all relevant legislation, we’re the trusted partner real estate professionals rely on for peace of mind, minimal disruption, and complete compliance — every time.

Why Trust Account Audits are Essential for Real Estate

In Australia’s real estate industry, trust accounts are vital for managing client funds with integrity and transparency. Maintaining a compliant real estate agent trust account is more than just a regulatory requirement—it’s a key part of upholding client confidence and industry standards.

Each state enforces its own legislation to govern trust account management. For instance, in NSW, compliance is guided by the Property and Stock Agents Act 2002, the Property and Stock Agents Regulation 2022, and the NSW Fair Trading Auditor’s Guide 2022. In other states like VIC, QLD, and ACT, real estate professionals must also follow strict auditing frameworks established by their respective regulatory bodies to ensure:

Client funds are kept separate from business operating funds
Transparent reporting is provided to clients
Any discrepancies are promptly identified and addressed

The Real Estate Trust Account Audit Process

Regardless of your state, the trust account audit process is designed to ensure sound financial practices and legal compliance. Here’s a general overview of what it involves:

1. Identification and Verification
Auditors identify and confirm the nature of your trust accounts, ensuring they’re managed in accordance with applicable state legislation and professional auditing standards.

2. Evaluation of Internal Controls
Auditors assess your business’s internal systems, procedures, and controls to ensure trust accounts are managed securely and efficiently.

3. Transaction Testing
A sample of trust account transactions is reviewed to confirm compliance with legislation and to check for any signs of mismanagement or irregularities.

4. Reconciliation Review
Trust account records are reconciled against bank statements to verify accuracy and completeness.

5. Final Reporting
Once the audit is complete, a detailed audit report is prepared and submitted to the relevant regulatory authority—such as NSW Fair Trading, Consumer Affairs Victoria, or the Office of Fair Trading in QLD.

Real Estate Trust Account Audit Lodgement and Deadlines

If you manage a trust account in the real estate industry, staying on top of audit lodgement deadlines is essential—no matter which state you operate in. Each state and territory has its own regulatory authority and requirements, but the principles remain consistent: trust audits must be submitted annually within a set time frame following the end of the financial year.

Whether you’re in NSW, Victoria, Queensland or the ACT, trust account audits typically cover the financial year ending 30 June, with reports required to be lodged within a few months after this date.

Submitting your audit on time helps maintain your licence, demonstrates compliance, and avoids potential penalties or disciplinary action.

Key Points to Remember:

Audit Period: Typically covers 1 July to 30 June of the financial year.

Submission Window: Most jurisdictions allow a 2–3 month window after 30 June to submit audit reports.

Late Submissions: Submitting outside this timeframe may result in fines or regulatory action unless you’ve received prior approval for an extension.

To dive deeper or to schedule a real estate trust account audit, don’t hesitate to contact with us at 02 9174 5327.

Who Conducts Real Estate Trust Account Audits?

In Australia, real estate trust account audits are a legal requirement designed to safeguard client funds and ensure real estate agencies operate with integrity and transparency.

Here’s a closer look at who is authorised to conduct these essential audits across the country:

>> Registered Company Auditors (RCAs)
Trust account audits must be performed by Registered Company Auditors who are approved by ASIC. These professionals are licensed to perform audits under the Corporations Act and are trained to identify discrepancies, ensure compliance with trust account legislation, and maintain the integrity of client funds.

>> Certified Practising Accountants (CPAs) and Chartered Accountants (CAs)
Many auditors are experienced CPAs or Chartered Accountants, backed by strong credentials and a deep understanding of trust account frameworks. They are often members of reputable bodies such as:

CPA Australia
Chartered Accountants Australia and New Zealand (CA ANZ)
Institute of Public Accountants (IPA)

Membership in these organisations reflects their commitment to professional standards, ethics, and ongoing education in audit and compliance.

>> Independent and Impartial Experts
A key requirement for all states is that the auditor must be completely independent of the real estate business being audited. This means they cannot have any financial interest in, or close relationship with, the agency.

Independence ensures the audit is unbiased and credible—critical for meeting the requirements of Fair Trading NSW, Consumer Affairs VIC, the Office of Fair Trading QLD, and Access Canberra.

Choosing a qualified and independent auditor isn’t just about ticking off a compliance box—it’s about protecting your reputation, staying legally compliant, and building long-term trust with your clients.

Tips for a Successful Real Estate Trust Account Audit

Preparing for a real estate trust account audit isn’t just about ticking boxes—it’s your chance to demonstrate financial integrity, strengthen your agency’s internal processes, and build trust with clients.

Here are practical tips to help you confidently navigate your next trust account audit:

Keep Your Financial Records Organised

Before audit season kicks in, gather all relevant documents—bank statements, deposit slips, ledgers, rent rolls, receipts, and transaction histories. Ensuring your financial records are complete, accurate, and logically filed will save time and make the audit process smoother for both you and your auditor.

Maintain Clear Separation of Funds

One of the most critical rules across all states is strict segregation of trust funds from your business’s operational funds. Trust money must be kept in clearly designated accounts, and at no point should it be mixed or misused. Even accidental commingling can lead to serious compliance breaches.

Stay Updated on Regulations

Each state has its own legislation governing trust accounts:

NSW: Property and Stock Agents Act
VIC: Estate Agents Act
QLD: Agents Financial Administration Act
ACT: Agents Act

Regulations and audit requirements can change, so stay informed and review updates from your state’s governing authority regularly.

Reconcile Trust Accounts Regularly

Monthly bank reconciliations are considered best practice and often mandatory. Regular reconciliation helps detect discrepancies early and ensures your records reflect the true state of your trust account.

Implement Strong Internal Controls

Good financial controls are your first line of defence. Set clear roles and responsibilities for managing trust money, enforce dual authorisation for sensitive transactions, and establish checks and balances to prevent fraud or error.

Use Trust Accounting Software

Leverage technology. Quality trust accounting software is designed specifically to comply with audit requirements. It automates recordkeeping, tracks every transaction, and reduces manual errors—making audits quicker and more accurate.

Appoint a Qualified, Independent Auditor

Your trust account audit must be conducted by a Registered Company Auditor who is completely independent of your business. Look for someone experienced in real estate audits and familiar with the regulations of your operating state.

Communicate With Your Auditor

Keep an open line of communication with your auditor. Let them know about any system or procedural changes, and be proactive in addressing their queries. Transparency is key to a smooth audit process.

Document Everything

Maintain thorough documentation of every transaction involving trust money. This includes client instructions, receipts, bank records, reconciliations, and correspondence. Well-documented records support compliance and make your audit trail crystal clear.

Conduct Internal Reviews

Don’t wait for the auditor to uncover issues. Perform internal checks or mock audits to ensure everything’s in order. Identifying and addressing issues ahead of time can help avoid penalties or repeat findings.

Act Quickly on Audit Findings

If your auditor flags any irregularities, respond promptly. Develop a clear action plan, correct the issue, and implement procedures to prevent it from recurring. Timely remediation demonstrates professionalism and compliance readiness.

Foster a Culture of Compliance

Create an environment where your team understands and values compliance. Regular staff training on trust account rules and responsibilities helps ensure consistent, ethical handling of client funds across your business.

By following these tips, your agency will be well-placed to pass trust account audits with confidence—whether you’re based in Sydney, Melbourne, Brisbane, or Canberra. More than just a regulatory task, trust account audits are an opportunity to prove your agency’s commitment to transparency, compliance, and client trust—values that sit at the heart of a successful real estate business.

📞 Seek Expert Advice

Not sure if you’re meeting all obligations? Consulting with real estate trust account experts—whether legal or financial—can give you peace of mind and help you prepare thoroughly for an audit. Call us at 02 9174 5327 or Book a FREE consultation below.

How We Supports Real Estate Agents with Trust Account Auditing

In the fast-paced world of real estate, trust accounts aren’t just a regulatory requirement—they’re a cornerstone of client confidence and business credibility. At Number Solutions, we understand the weight of that responsibility.

That’s why our specialised trust account auditing services are designed to give you more than just compliance—we offer confidence, clarity, and continued support.

Whether you operate in New South Wales, Victoria, Queensland, or the ACT, our experienced team is here to help you meet your obligations with ease and precision.

What We Offer

#1 Comprehensive Trust Account Audits
Our licensed auditors dive deep into your trust account records—reviewing every transaction, deposit, reconciliation, and withdrawal. We don’t just check the boxes; we give you a full picture of how your trust accounts are performing against current legislation.

#2 Real Estate Industry Expertise
We live and breathe real estate trust accounting. Our in-depth knowledge means we can quickly spot potential issues, irregularities, or risks—and provide actionable recommendations to tighten controls and improve your systems.

#3 Timely, Clear Reporting
We believe an audit should never leave you in the dark. That’s why we provide detailed, easy-to-understand reports outlining our findings, observations, and suggested next steps—delivered on time so you can act quickly and confidently.

#4 Compliance with Confidence
Navigating different state-based regulations can be tricky. With us in your corner, you can rest assured your trust accounts are aligned with all relevant legislation—whether it’s the Property and Stock Agents Act in NSW or the Estate Agents Act in VIC.

#5 Ongoing Support and Guidance
Our partnership doesn’t end when the audit report lands on your desk. We’re here to support you year-round—with advice, updates, and best-practice strategies that help you maintain strong financial controls and stay audit-ready at all times.

Why Real Estate Professionals Choose Number Solutions

Real Estate Focus: Our team specialises in trust audits for real estate professionals. We know your world, your obligations, and the pressures you face.

Total Independence: We maintain strict independence, ensuring impartial, unbiased audits that protect both your business and your clients.

Fully Compliant: We help you meet all legal and industry requirements—reducing your risk of penalties, breaches, or reputational damage.

Seamless Process: Our audit process is efficient and streamlined, designed to minimise disruption to your team and day-to-day operations.

Peace of Mind: Let us handle the heavy lifting, so you can focus on selling, leasing, and growing your business—while knowing your trust accounts are in safe hands.

Ready for a Smoother Audit Experience?

Partner with Number Solutions and experience a smarter, simpler, and more supportive approach to trust account auditing. Whether you’re in Sydney, Melbourne, Brisbane, or Canberra—we’re here to help you meet your obligations and elevate your standards.

Email: info@numbersolutions.com.au
Phone: 02 9174 5327

Let’s ensure your trust accounts reflect the professionalism and integrity your clients expect. Book your audit consultation with us today.

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