Dealing with trust accounts in the property industry
You need a trust account if you collect debts on behalf of someone else. Find out what you need to do to open and deal with your trust account.
Use a trust account to handle money on behalf of someone else. Find out about receiving money, issuing receipts and withdrawing from a trust account.
You may choose to store money toward a property sale in a special trust account. Find out the rules for opening and dealing with this trust account.
Trust money is money you handle on behalf of someone else. Find out the difference between trust money and non-trust money.
Guidance for RLAs on banking trust and non-trust money.
You must appoint an auditor, who will inspect and report on your trust accounts. Find out how to lodge their report and when it will be due.
A licensee is responsible for lodging their own audit report/s, although auditors can lodge audit reports on their behalf. Find out what an auditor must immediately report to us.
Do it online
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Licensees and auditors can:
Trust accounts guide
Our comprehensive trust accounts guide for property agents, motor dealers, debt collectors and their auditors gives advice on:
- opening and closing trust accounts
- operating trust accounts
- receiving and paying out trust monies
- record keeping
- the auditor's role.