Real Estate Trust Account Audit VIC | Number Solutions Tax & Accounting
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Ensuring your trust account is accurately audited is a key part of running a compliant and trustworthy real estate business in Victoria.
A Real Estate Trust Account Audit VIC from Number Solutions Tax & Accounting confirms that client funds are being managed transparently and in line with regulatory expectations. This process not only protects your clients’ money but also helps maintain confidence in your practice and keeps you aligned with Victoria’s trust accounting rules.
Time and Deadline for Submitting Your Real Estate Trust Account Audit VIC
Annual Audit Requirement
If your real estate trust accounts held trust money at any time during the financial year, they must be audited each year by an approved auditor. The audit period generally runs from 1 July to 30 June.
Audit Report Deadline
Auditors must complete the audit and provide the signed report to you within three months after 30 June, meaning most audits are prepared by 30 September.
Lodgement with Consumer Affairs Victoria
Once you receive your audit report from the auditor, you must lodge a copy with Consumer Affairs Victoria via the myCAV online system within 10 business days. Failing to lodge on time is an offence and can result in penalties.
Unused Trust Accounts
If your trust account did not hold or manage trust money during the audit period, you generally do not need an audit, but you must still confirm this in your myCAV account.
Why Choose Us for Your Real Estate Trust Account Audit VIC
Getting your trust account audit right can save time, stress, and regulatory headaches. Here’s why property businesses in Victoria choose Number Solutions Tax & Accounting:
Expert Knowledge of Victorian Trust Account Rules
We understand how Consumer Affairs Victoria regulates trust account audits and what is required to meet audit and lodgement obligations under the Estate Agents Act and related regulations.
Dependable and Efficient Service
We help ensure your audit is completed accurately and lodged on time, so you stay compliant and protected against penalties.
Clear, Actionable Reports
Our audit reports are straightforward and easy to interpret, highlighting any issues and recommendations without confusing language.
Tailored Support for Your Business
We adapt our approach to suit the size and nature of your business, whether you manage one trust account or multiple.
Affordable, Transparent Pricing
Our services are competitively priced with no hidden costs, giving you confidence in quality service that fits your budget.
Choosing Number Solutions Tax & Accounting means you have a trusted partner who helps you manage compliance smoothly and reliably.
Key Requirements for Accountants Trust Account Auditing
Trust account audits must be carried out in a way that supports accuracy, transparency, and compliance. Here’s what you need to know:
Complete Audit Coverage
The auditor must review all trust account records for the entire audit period and ensure that records are maintained to allow a proper audit.
Record Provision
You must provide the auditor with all documents, books, ledgers, and other records necessary for a thorough audit.
Irregularities Reporting
If the auditor finds issues such as deficiencies in the trust account or failure to comply with regulations, they must report these findings to Consumer Affairs Victoria.
Retention of Audit Report
After lodging the audit report with myCAV, you must retain a copy for at least seven years.
These requirements help ensure that trust money is held, recorded, and audited in a way that protects your clients and your business.
Not sure where to start for your Real Estate Trust Account Audit VIC?
We’re ready to help you. Call us now at 02 9174 5327 or book online for a FREE consultation and get expert support tailored to your audit and compliance needs.
Useful links:
- Consumer Affairs Victoria guidelines on trust account auditing and requirements for real estate businesses. (consumer.vic.gov.au)
- Accounting Services
- Taxation Services
- Self-Managed Super Fund
- Business Formation, Registration and Compliance
- Business Advisory
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