In the complex world of trust account management, there is nothing worse than the nightmare that is end of month. Often as Licensee or Officer in Charge, you juggle multiple jobs. The trust accounting, the running the business and the staff you hire to manage your clients. As a result, your trust accounts can easily become unbalanced if not managed ... read more >>
As Licensee, Property Manager or Trust Accountant in a Real Estate office in NSW you cannot afford to ignore this explanation. The importance in having a delegation of authority. Failure to have the appropriate delegation in writing carries penalties of up to $4,400 for a corporation and $2,200 in any other case. A ‘delegate' is someone who has the authority ... read more >>
Be on the trust fraud front foot What would you do if you found yourself falsely accused for misappropriation of trust money? How are you able to prove that it wasn't you? Is there a certain action or behaviour that you do each day that is uniquely you that no else knows about? Why on earth would someone want to ... read more >>
One bad apple ruins the bunch... It is unfortunate that there are a small breed of rogue Real Estate agents that continue to ruin the reputation of the industry with the misuse of trust money. Theft is particularly rife in Property Management. Bond theft is number one on the list of most common misappropriation of funds within the industry. It ... read more >>
To outsource or not to outsource... That is the question on many business owners minds. It is particularly dominant in the Australian Real Estate industry as we experience high volumes of growth. In our current market conditions we find it difficult to handle certain aspects of the business. Outsourcing is when a company will hire an external provider to subcontract ... read more >>
Each and every year we go through the same stresses and heartache of pushing uphill through another End of Financial Year period. Why is this time of year busier than others? We are generally completing our standard end of month so trying to get as much rent in the account as possible, mix that with end of financial year processing ... 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 >>
Section 115 of the PSBA Act 2002 Yawn. Your eyes glaze at the mention of legislation. Everyones least favourite topic. However some of you may appreciate and share my frustrations in this Section of the PSBA Act after reading this article. I'm of the opinion that recent changes to this part of the legislation have opened a floodgate for compliance ... read more >>
