Real Estate Trust Account Audit VIC
Approved, independent trust account auditors for real estate agencies and property managers across Melbourne and Victoria.
Every real estate agency in Victoria that held or managed trust money during the financial year must complete an annual trust account audit. Missing this obligation can lead to fines of up to 120 penalty units, licence suspension, or even criminal prosecution under the Estate Agents Act 1980.
At Number Solutions Tax & Accounting, we help real estate agents and property managers across Melbourne and Victoria stay compliant with Consumer Affairs Victoria (CAV) requirements. Our approved auditors review your sales and rental trust accounts, identify compliance gaps, and lodge your audit report on time through the myCAV portal.
What Does a Real Estate Trust Account Audit Cover in Victoria?
A real estate trust account audit is not just a box-ticking exercise. It is a thorough review of how your agency handles client funds under Section 64 of the Estate Agents Act 1980 and the Estate Agents (General, Accounts and Audit) Regulations 2018.
Your auditor examines every transaction that passed through your trust account during the audit period, which runs from 1 July to 30 June each year.
Key Areas the Auditor Reviews
- Trust account reconciliations – Monthly bank reconciliation statements are checked against your trust ledger balances to confirm accuracy.
- Receipting and banking records – The auditor verifies that all trust money was deposited into the correct account by the next business day, as required by law.
- Client ledger accuracy – Each transaction in your vendor, tenant, and owner ledgers is reviewed against supporting documents such as contracts of sale, tenancy agreements, and authority forms.
- Disbursement records – Payments from the trust account, including commissions, maintenance fees, and owner disbursements, are checked for proper authorisation by the licensee-in-charge (LIC).
- Internal controls – The auditor assesses whether your agency has adequate separation of duties, approval processes, and safeguards to prevent errors or misuse of trust money.
- Compliance with CAV regulations – The audit confirms that your record-keeping, receipt numbering, transfer journals, and backup procedures meet all regulatory standards.
Under Section 64(15) of the Estate Agents Act, the auditor must report any trust account deficiency, dishonesty, or breach of law directly to Consumer Affairs Victoria. As the agent, you are also required to notify CAV and your auditor within three business days of discovering any deficiency in your trust account.
Catching issues early through a professional audit helps you resolve problems before they escalate into penalties or legal action.
We help Melbourne real estate agencies stay compliant and audit-ready with an affordable, independent trust account audit.
- Approved auditors for Victorian real estate agencies
- Fast and straightforward
- Clear, practical fixes explained simply
Sales Trust Account vs Rental Trust Account Audit in Victoria
Most real estate agencies in Victoria maintain at least two trust accounts: one for sales transactions and another for property management (rental) operations. Each account must be audited separately by an approved auditor.
Sales Trust Account Audit
Your sales trust account holds deposits from buyers, typically received under a contract of sale. The auditor will review:
- Deposit receipts and section 32 vendor statements
- Contracts of sale and exclusive authority agreements
- Commission calculations and release authorisations
- Transfer of deposit funds at settlement
Sales trust accounts tend to involve fewer but larger transactions. The audit focuses on whether deposits were banked promptly, held securely until conditions were met, and released only with proper authorisation.
Rental Trust Account Audit
Rental trust accounts carry a much higher volume of daily transactions. These include rent receipts, bond lodgements, maintenance payments, owner disbursements, and advertising fees. The auditor will examine:
- Tenant ledgers and rent receipts matched to tenancy agreements
- Bond records and lodgement with the Residential Tenancies Bond Authority (RTBA)
- Maintenance and creditor payments authorised by the LIC
- Monthly owner statements and disbursement accuracy
Rental trust accounts are where compliance errors occur most frequently. Late banking, incomplete reconciliations, and unauthorised transfers are common issues flagged during audits.
Do You Need Separate Audits for Each Account?
Yes. Consumer Affairs Victoria requires each trust account to be audited independently. If your agency holds both a sales and rental trust account, both must have separate audit reports lodged via myCAV by the 30 September deadline.
How to Lodge Your Audit Report on myCAV
After your approved auditor completes the trust account audit and provides you with a signed report, the next step is lodgement with Consumer Affairs Victoria. You must lodge the audit report within 10 business days of receiving it from your auditor.
Step-by-Step Lodgement Process
- Log in to myCAV – Visit the Consumer Affairs Victoria website and access your myCAV account using your registered credentials.
- Navigate to trust account audit lodgement – Select the relevant trust account and the audit period (1 July to 30 June).
- Upload the signed audit report – Attach the completed and signed report from your approved auditor.
- Confirm account details – Verify that the trust account name, number, and financial institution details are correct.
- Submit and save confirmation – Once lodged, save the confirmation receipt for your records.
Important Deadlines to Remember
- Audit completion deadline: Auditors must finalise and deliver the signed report within three months after 30 June, which means by 30 September.
- Lodgement deadline: You must lodge the report on myCAV within 10 business days of receiving it from the auditor.
- Record retention: Keep a signed copy of the audit report for at least seven years. You must be able to produce it on demand if Consumer Affairs Victoria requests it.
What if Your Trust Account Had No Activity?
If your trust account did not hold or manage any trust money during the entire audit period, you are generally not required to have it audited. However, you must still confirm this through your myCAV account. Failing to make this confirmation is treated as non-compliance.
Penalties for Late or Missing Lodgement
Failing to lodge your trust account audit report on time is an offence under Victorian law. Penalties can reach up to $20,000 for individuals and higher amounts for corporations. Consumer Affairs Victoria issued 117 infringement notices in a single enforcement round, totalling over $120,000 in fines for agents who failed to lodge their audit reports.
Trust Accounting Software Compatibility for Your VIC Audit
Your choice of property management software directly affects how smoothly your trust account audit runs. A well-configured system produces clean records, accurate reconciliations, and audit-ready reports that save both time and money.
At Number Solutions, our auditors are experienced with the major trust accounting platforms used by Victorian real estate agencies.
Software We Work With
- PropertyMe – Used by over 6,000 agencies across Australia, PropertyMe offers cloud-based trust accounting with built-in state-specific compliance features. Its audit reporting module generates folio ledgers, trial balances, cashbooks, and transaction audit reports that align with CAV requirements.
- PropertyTree (MRI) – Positioned as one of Australia’s most robust trust accounting systems, PropertyTree provides automated receipting, flexible reconciliation tools, and custom workflows that meet Victorian trust accounting standards.
- Console Cloud – A popular choice among mid-sized agencies, Console Cloud includes trust accounting modules with automated alerts for reconciliation deadlines and compliance tasks.
- Rockend (REST Professional) – Still widely used by established agencies, Rockend provides comprehensive trust accounting functionality that supports both sales and rental trust account management.
How Good Software Reduces Audit Complications
Agencies with properly configured trust accounting software tend to experience fewer audit issues. Automated daily reconciliations catch discrepancies early. Digital receipt numbering eliminates gaps in your transaction records. Built-in compliance alerts remind your team about banking deadlines and monthly reconciliation tasks.
If your current software setup is producing reconciliation errors or incomplete reports, our team can identify the issue during the audit and recommend practical fixes. We focus on solutions that help your agency stay compliant year-round, not just at audit time.
Both Your Sales Trust Account and Rental Trust Account Need Separate Audits. Both Must Be Lodged by 30 September. Are You Ready?
Most agencies focus on the rental trust account and forget that the sales account needs its own report. Each one must be audited independently and lodged separately via myCAV. We handle both and make sure nothing slips through.
📞 Call 02 9174 5327 or book a FREE 15-minute consultation to get both audits quoted and scheduled in one call.
Why Choose Number Solutions for Your Real Estate Trust Account Audit in Victoria?
Hundreds of real estate agencies across Australia rely on Number Solutions Tax & Accounting for their annual trust account audits. Here is what sets our service apart for Victorian agents and property managers.
Approved and Independent Auditors
Our auditors hold current practising certificates from recognised professional bodies, including CPA Australia and Chartered Accountants Australia and New Zealand (CA ANZ). We maintain full independence from every agency we audit, as required under the Estate Agents Act 1980.
Fixed-Fee Pricing with No Surprises
You will know the cost upfront before the audit begins. Our pricing is competitive with Melbourne-based trust account auditors, and there are no hidden charges for report delivery or lodgement assistance.
Fast Turnaround to Meet Your Deadline
We understand the pressure of the 30 September deadline. Our team prioritises efficient scheduling and clear communication so your audit is completed, signed, and ready for lodgement well before the cutoff.
Remote and On-Site Audit Options
Whether you prefer a fully remote audit or need an auditor on-site at your Melbourne office, we offer both options. Remote audits work seamlessly when your trust accounting software is cloud-based, saving you time and minimising disruption to your team.
Practical Compliance Recommendations
Beyond delivering the audit report, we provide a written recommendation summary highlighting areas for improvement. From reconciliation habits to internal control upgrades, our feedback helps your agency strengthen its trust account processes for the year ahead.
Serving Melbourne and All of Victoria
Our clients include agencies in Melbourne CBD, the eastern suburbs, the western corridor, regional centres like Geelong and Ballarat, and everywhere in between. No matter where your agency operates in Victoria, Number Solutions is ready to help.
FAQs
Trust account audit fees vary based on the number of accounts, transaction volume, and complexity of your records. Most Melbourne-based agencies pay between $440 and $900 per trust account. Number Solutions offers fixed-fee pricing so you know the exact cost before the audit starts. Contact us for a tailored quote based on your agency’s needs.
Yes. A single approved auditor can audit both your sales trust account and rental trust account. However, each account requires a separate audit report, and both must be lodged individually via myCAV within 10 business days of receiving them from your auditor.
You will need to provide your auditor with bank statements for the full audit period, trust account reconciliation statements, client ledgers (vendor, tenant, and owner), receipt books or digital receipt records, contracts of sale, tenancy agreements, and authority forms. Having monthly reconciliations completed and up to date before the audit will significantly reduce turnaround time.
If the auditor discovers a trust account deficiency or any indication of dishonesty or a breach of law, they are legally required to report this to Consumer Affairs Victoria under Section 64(15) of the Estate Agents Act 1980. You must also notify CAV and your auditor within three business days of becoming aware of any deficiency, unless it was accidental and rectified within two business days.
Yes. Remote trust account audits are now standard practice across the industry, especially for agencies using cloud-based software like PropertyMe, PropertyTree, or Console Cloud. Your auditor can securely access your trust records, bank statements, and reconciliation reports online. This approach saves time and reduces disruption to your daily operations while still meeting all CAV compliance requirements.
