The Licensee’s Guide to a Compliant Holiday
Many licensees haven’t taken a proper holiday in 5, 10, or even 15+ years, fearing their business will collapse without them. But with modern technology and proper planning, that overseas trip you’ve been dreaming about is absolutely achievable.
The key is maintaining compliance with proper supervision requirements while you’re away. Non-compliance can result in penalties ranging from $11,000–$22,000, so preparation is essential.
Your Pre – Holiday Checklist
- Notify Fair Trading
Write to your state’s regulatory authority advising them of your absence, including dates and details of your delegated representatives. Keep a copy on file in the office.
- Delegate Responsibilities in Writing
Appoint qualified, experienced staff to manage Trust Accounting, daily banking, marketing, complaints handling, and sales/leasing compliance. Document everything in writing with signatures from all parties. Keep copies on file.
- Prepare for an Audit
If you’re going to be audited, it’ll likely happen while you’re away. Ensure your delegation documents are accessible and your team knows where to find them.
- Leverage Technology
Modern tools make remote supervision simple. Use Skype or FaceTime for video meetings, TeamViewer or join.me for screen sharing to access your office systems, and Dropbox or Google Drive for file sharing. Test all connections before you leave.
- Create a Risk Management Plan
Meet with your team to identify all possible risks, rate them by likelihood and impact, and assign appropriate actions (Avoid, Reduce, Transfer, Finance, or Retain). Don’t forget data backup protocols—the 3-2-1 rule is essential.
Stay Stress – Free and Breach-Free
- Notify clients of your closure
Set up appropriate office messages. If travelling overseas, buy a local prepaid SIM card rather than using expensive. Australian data. Take your banking token and keep it secure—but never use hotel Wi-Fi for banking transactions.
- Timing your December reconciliation is critical
Don’t leave it until January or you’ll breach reconciliation deadlines (21 days in NSW, 10 days in VIC, 7 days in QLD). Equally, don’t close off too early and exclude transactions—reconcile at the actual end of month to ensure compliance.
Take the Leap
With proper preparation, a stress-free, breach-free licensee holiday is within reach. If your staff lack the Trust Accounting skills needed, outsourcing can provide the peace of mind you deserve.
Jane Morgan is the Director of End of Month Angels, a consultancy specialising in Trust Accounting. With 20 years of industry experience, Jane understands the legislative requirements of running a compliant real estate office. Don’t trust just anyone with your Trust Accounting—book an appointment with an End of Month Angel today.
