Getting in Top Trust Accounting EOFY Shape


We are officially in the lead up to the End of Financial Year (drumroll). This trust accounting EOFY leadup has been unlike any other we have seen in our lifetime. With the impact of COVID still too fresh, throwing EOFY into the mix might be enough to tip some over the edge. So we want to step in and help ... read more >>

Getting in Top Trust Accounting EOFY Shape2020-05-27T12:07:43+10:00

The ATO Crackdown on the Holiday Rental Black Market


The End of the Holiday Rental Black Market It is true that holiday rental platforms such as AirBnB, Stayz and the like have transformed the way Australians travel and book holiday accommodation. Additionally, they have also opened up additional revenue streams for the average Australian by renting out their homes or rooms for additional income. In essence, the scheme is ... read more >>

The ATO Crackdown on the Holiday Rental Black Market2019-12-10T05:16:10+10:00

Responding to Fair Trading Over a Trust Breach


Trust Breach. Fair Trading. Two simple phrases that are enough to send most agents into a panicked frenzy. Yet, similarly, like calls from the ATO, there is a rhyme and reason. Fair Trading has the purpose to ensure that agents are doing the right thing. That members of the public are not being disadvantaged financially as a result of a ... read more >>

Responding to Fair Trading Over a Trust Breach2019-11-26T00:05:27+10:00

Top 4 Common Receipting Errors


Please Explain... This year, more than ever, we are seeing Fair Trading follow through on agents with qualified audits with a polite, 'please explain'. At the EOMA office, we come across common receipting errors which are at the heart of these qualified audits. One of the biggest and most frequent receipting error, is the timing between receiving and the receipting ... read more >>

Top 4 Common Receipting Errors2019-11-08T03:37:34+10:00

Sales Only Agencies – Reconciling and Trust Accounts to Avoid a Breach


We have a list of wonderful clients who are sales only agencies. No rent rolls. On top of that, some only have a handful of transactions a year. So with this in mind, we often get asked 2 questions: 'Do I really need trust accounting software?' 'How often do I need to reconcile?' The answer to question #1 is simple. ... read more >>

Sales Only Agencies – Reconciling and Trust Accounts to Avoid a Breach2019-08-22T03:00:17+10:00

Top Audit Breach of 2019 and How to Avoid it


The Time When You Don't Want to be #1 Each year we see trends come and go in the world of Trust Accounting. One month, it may be issues with cloud-based software migrations or reconciliations. The next, it may be keeping up with compliance or an increased prevalence of internal fraud. The regular theme for the month just gone was ... read more >>

Top Audit Breach of 2019 and How to Avoid it2019-08-19T05:05:35+10:00

Your 6 Point Audit Checklist for your Cloud-Based Software


Get Ahead this Audit Season Audit season is on our doorstep. For many states, audit season falls between the 1st July through to the 30th September. For those who have moved to cloud-based software since your last audit, you may be confused as to what your auditor may be expecting to see. With cloud-based software, there are many processes you ... read more >>

Your 6 Point Audit Checklist for your Cloud-Based Software2019-06-29T03:41:03+10:00

Avoiding Audit Breaches Post EOFY


EOFY is fast approaching. No doubt it is gleaming out bright and clear in your diary like a beacon lost at sea. Well, we are taking it one step further and helping you to think about avoiding an audit breach post EOFY. Yep, we are thinking about beyond 30 June already. Even we cannot believe it. We have touched on ... read more >>

Avoiding Audit Breaches Post EOFY2019-06-22T05:23:56+10:00

When Mum is Always Right


How My Mums Advice Is Scarily Applicable to Trust Accounting May is the month for Mums. So in light all things mothers, we thought we’d ask our staff what annoying things their Mums used to say when they were growing up. Susan was quick to respond with ‘Don’t pull faces or the wind will change’. Well we guess she took ... read more >>

When Mum is Always Right2019-05-24T05:40:31+10:00

The Art of Tidying Up Before End of Financial Year


How to KonMarie Your Trust Account at EOFY Are you obsessed like us and an avid follower of the #konmarie method of tidying up? If so, then you’ll have probably watched Marie Kondo’s series in full on Netflix – Tidying Up with Marie Kondo. For those of you not on the tidying movement (for the uninitiated you should really give ... read more >>

The Art of Tidying Up Before End of Financial Year2019-05-20T22:17:16+10:00