Trust Accounts are at the core of everyday transactions performed in the Legal and Real Estate industries. Whether it is for the purchase or sale of a house, property management, or deceased estate matters, both Solicitors and Real Estate Agents rely upon their trust accounts to provide these services.
At Garcia Group Advisors we have years of experience helping both industries meet their compliance requirements. As both Registered Company Auditors, and Law Society External Examiners, we provide a high quality and cost effective audit to ensure your business meets the requirements set out by the Law Society of NSW and NSW Fair Trading.
Garcia Group Advisors has experience dealing with a range of Trust money’s and software used by Solicitors and Real Estate Agents.
Regulations are set out in the Legal Profession Uniform Law and the Legal Profession Uniform General Rules 2015, and monitored by the Law Society of NSW Operate for the period 1 April to 31 March each year. Compliance Audits must be performed by an External Examiner, with the Examiner’s Report to be lodged by 15 May each year. Money must be held with an authorised deposit-taking institution.
Different types of Trust Funds include:
– General Trust Money
– Controlled Money
– Transit Money
– Power Money
– Written Direction Money
Regulations are set out in the Property, Stock & Business Agents Act 2002, and monitored by NSW Fair Trading. Operate for the period 1 July to 30 June each year. Compliance Audits must be performed by a Registered Company Auditor, or member of a professional accounting body holding a Public Practising Certificate, and lodged by 30 September each year. Money must be held with an authorised deposit-taking institution, and a unique identifying number is required for each account.
Most agents hold two Trust Accounts:
– Sales Trust Account
– Rental Trust Account