In my previous post I explained in 10 easy steps the process for registering existing trust accounts under the new legislation which was effective 1st January 2015.

The following is the process for closing an existing trust account in 8 easy steps which replaces the previous GREEN FORM requirement from Fair Trading.

  1. Go to the OneGov website.
  2. Hover on the services link at the top of the page
  3. Select ‘Property & Real Estate’ under the Business and Trade list
  4. Select Create/Close a trust account under the ‘Most Popular’ menu on the Right side of the webpage.
  5. The trust account registration page will appear
  6. Select Option 3: Closing an existing trust account. Replaces GREEN FORM.
  7. Enter License number/bsb & bank details and email address.
  8. You will be emailed a form which you are required to have stamped by your bank.

Retain the duplicate for your audit file

It should be noted that accounts held jointly in the name of the purchaser and vendor known as Interest Bearing Deposit Accounts (IBD) do NOT need to be registered on the OneGov website. And you are still required to complete the PINK FORM process.

Additional Information on Existing Trust Accounts:

Agents with existing trusts have until the MIDNIGHT on the 30th June 2015 to register existing trust accounts with the new OneGov online registration process. This replaces the previous BLUE FORM process.

Upon registration of your existing trust account you will receive a number which will look something like: 1234567TA001

The first part of this Unique Identifying Number is your corporation license number. TA stands for ‘Trust Account’ and the 001 represents the first trust account that you’re registering with Fair Trading. If you operate more than one trust then you will need to continue to register all other trust accounts held, via this OneGov process which will look like 1234567TA002 and so on.

Many agents that I have been speaking to are completely unaware of these recent changes to the registration of trust accounts. I personally believe that this may be due to a lack of agents attending training. Were you aware of these changes? How did you find out?

~ Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. She knows the legislation, and the successful requirements of running a successful Real Estate office because she practiced Real Estate herself for 18 years. Don’t trust just anyone with your trust accounting. Trust End of Month Angels and get back to what you do best – growing your business.