Trust Account Review: Real Estate

Why Choose Mizael Partners for Trust Account Review: Real Estate?

Mizael Partners was founded in 2013. Since then, we have helped more than 2,000 clients become self-sustaining, compliant, and ready for growth. We are specialists providing innovative solutions in accounting, auditing, financial advice, tax, bookkeeping, and forensic accounting. Contact us today to find out what we can do for your business.

In Victoria, estate agents must establish and maintain a trust account that complies with the Estate Agents Act 1980 and the Estate Agents (General, Accounts and Audit) Regulations 2008.

Who must have their trust accounts audited?

A licensee (corporation or individual), a former licensee (corporation or individual), or a personal representative of a licensee must have their trust accounts audited if they received or held trust money during the fiscal year ending 30 June. In general, licensed corporations receive and are responsible for trust funds, not individual licensees. In these cases, the corporation must ensure that the trust account audit occurs. However, if an individual licensee receives and is responsible for trust funds, they must ensure that the trust account audit is completed. 

Who is required to submit an audit?

All trust account audits should be completed and submitted online by the auditor through the Auditor’s Report Online portal.

What is the value of a trust account audit?

Mizael Partners can provide independent assurance on the operation of your trust accounts. Our professional team provides trust account auditing services in a timely and effective manner, allowing your agency to fully comply with Victorian regulations without unnecessary hindrance to you and your staff.

At the core, we review your practices and procedures, identify potential issues with your trust account and provide you with the necessary assurance report.

What trust account audit services do we provide for Real Estate Agencies?

Our services include a full suite of auditing and assurance activities for estate agency operations such as: 

  • Review of practices and procedures;
  • Identification of potential issues with your trust accounts;
  • Provision of necessary assurance reports;
  • Compliance review of sales and rental trust accounts;
  • Review of trust receipts and payments;
  • Review of bank statements and bank reconciliations;
  • Confirmation of client trust balances;
  • Review of journals;
  • Review of dormant trust accounts;
  • Review of sales trust contracts (including contracts of sale, section 32 statements, commissions, exclusive authority);
  • Review of rental trust contracts (including tenant agreements, condition reports, bond receipts, exclusive authorities, commissions);
  • Privately owned large sized companies.

You’ve made the right choice with Mizael Partners.

Mizael Partners have been providing audit review services for Real Estate agencies since 2013.

We are a registered chartered accounting company fully approved by Consumer Affairs Victoria to undertake audits of estate agency trust accounts. We specialise in ensuring all financial records accurately reflect the position of an individual or organisation. We make sure that all statements and records are compliant with Australian Accounting Standards or International Accounting Standards, Australian Charities and Not-for-profits Commission (ACNC) and the Australian Securities and Investments Commission (ASIC) where required. We also have regular training sessions for our staff to ensure that they are up to date with all the changes in taxation, Accounting Standards, and other regulations.

Speak to us about real estate audits today

Get in touch with our trust account auditors today by calling 1300 444 004. We provide a standout service to clients and always work in a professional manner. For peace of mind and confidence in your numbers, there’s no better choice than Mizael Partners.

Got questions? Feel free to reach out and we’ll happily provide further information. 

We can also help with SMSF audits, income tax returns, superannuation and forensic accounting

Contact us

To speak to one of our accredited accountants, please call us on 1300 444 004.

Take advantage of this exclusive offer, available for new business clients until the end of November


* Available for new business clients only until the end of November.

Industry Experience

Are you a local Melbourne business in Ringwood, Bayswater, or Croydon? Looking for business accounting and tax accounting solutions? We would love to help you grow.

Our friendly staff are ready to help you. Enquire below for a response within 1 business day.

Please note, we cater to business, corporate and organisational based clients, and unfortunately cannot assist with individual tax returns at this time.

Typical response time: two business hours.

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