Despite this regulation being in place since January 1st, 2015, it was evident in this years audit that some agencies are still being reprimanded for not complying with the legislation of having a Unique Identification Number (UIN) for all their existing trust accounts. So if you've had a trust account prior to January 1st, 2015 and you're still not sure what the ... read more >>
Are you aware of the documents required to be kept in your Real Estate audit file? Contrary to popular belief, the audit file is not your monthly trust accounting records, although they will be something required to be sighted by your auditor, an audit file directly relates to the documents that facilitate the setting up and statutory obligations in meeting the trust accounting ... read more >>
Understanding new OneGov Registration Requirements Are you a property professional working in the Real Estate industry and still confused about which accounts require registration with OneGov by the 30th June 2015? See our simple infographic showing which accounts do and don't need registration. Don't forget the deadline to register existing trust accounts is fast approaching. You have until midnight on the 30th June ... read more >>
Wouldn’t it be lovely to receive notification from the NSW Fair Trading Office that your Real Estate agency was undergoing an audit? It would give you time to ensure documents were up to date, training completed and trust accounts reconciled! NSW Fair Trading doesn’t give you a heads up as many agencies have found over recent weeks. In recent articles ... read more >>
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. Go to the OneGov website. Hover on the services link ... read more >>
Are you a property agent looking after general trust accounts? From January 1st, all general trust accounts need a Unique Identifying Number (referred to as UID), which can be obtained from the NSW OneGov Government Licensing Service website. This change under the Property, Stock and Business Agents Regulation 2014 supports NSW Fair Trading officers in monitoring accounts and safeguarding consumer funds. To be ... read more >>
