For NSW trust-money holders

Your bookkeeper reconciles the trust account. Who checks the bookkeeper?

Independent trust-money assurance for real estate, strata and commercial landlords across NSW. Outgoings assurance, forensic investigations and controls health checks — delivered in-house by Sydney Accountants. Statutory trust account audits arranged by referral, so the assurance stays genuinely independent.

Six questions most trust-money holders can’t answer yet

Not accusations — diagnostics. If any of these give you pause, that’s exactly where independent assurance earns its place.

Your bookkeeper reconciles the trust account. Who checks the bookkeeper?

Independence isn’t an insult to your team — it’s the one thing your team, by definition, can’t provide. That’s not our opinion. It’s in the Act.

Principals & licensees-in-charge

If a dollar left the trust account today that shouldn’t have, how many days until anyone noticed?

Most trust fraud isn’t caught by the September audit. It’s confirmed by it — too late. The interesting question is what would have caught it in March.

Trust integrity & liability

You sent the outgoings statement. Can you prove every recovered dollar was recoverable — or only that the tenant paid it?

Land tax, capital works, your own legal costs, the insurance excess — a tenant’s auditor knows exactly what to strike out. Would this year’s statement survive them?

Commercial & retail landlords / managers

The three-month clock on your outgoings statement has no snooze button. Where is this year’s, right now?

Miss it and the right to recover the shortfall can simply lapse. That’s not a fine — it’s money you quietly stop being allowed to ask for.

Commercial & retail landlords / managers

A clean audit says the records reconcile. It does not say no one is stealing. Do you know the difference — and does your cover?

Forensic

Would you rather find the gap in a health check in May, or in the audit findings in September?

Controls & readiness

Independence is the point

Independence is the point. We do not audit books we keep. Statutory trust account audits are arranged by referral to an independent registered auditor, so the assurance you rely on is genuinely independent of the people who do the reconciliations. Our in-house work — outgoings assurance, forensic investigations and controls health checks — is delivered by Sydney Accountants under a signed engagement.

Everything maps to the Act

We don’t sell fear — we point at the legislation. The obligations below are where trust-money risk actually lives in NSW.

Property and Stock Agents Act 2002 (NSW)

Annual trust account audit under ASAE 3000 / ASAE 3100, lodged via Auditor’s Report Online by 30 September.

Retail Leases Act 1994 (NSW) — s.28

Audited outgoings statement within three months of the end of the accounting period; land tax and certain items are not recoverable.

Strata Schemes Management Act 2015 (NSW)

Trust-money and financial-record obligations for strata and community schemes.

Conveyancers Licensing Act 2003 (NSW) — s.79

Trust-account and audit obligations for licensed conveyancers who hold trust money.

Part of Local Knowledge

Trust & Assurance is the specialist assurance lane of the Local Knowledge group. Your accounting, tax and bookkeeping can sit alongside it — kept deliberately separate from the assurance work.

Straight answers

The questions we’re asked most — each grounded in the legislation.

When is the NSW real estate trust account audit due?

Under the Property and Stock Agents Act 2002 (NSW), a licensee who holds trust money must have the trust account audited annually and lodge the auditor’s report through Auditor’s Report Online — generally by 30 September for the year ended 30 June. Missing the deadline is itself a compliance breach, not just a late filing.

Who can audit a real estate trust account in NSW?

The statutory trust account audit must be performed by a qualified, independent auditor (a registered company auditor or equivalent recognised under the Act) who does not also keep the books being audited. That independence requirement is exactly why we arrange the statutory audit by referral rather than signing it in-house.

What outgoings can’t be recovered from a retail tenant in NSW?

Under the Retail Leases Act 1994 (NSW), certain outgoings cannot be passed to a retail tenant — including land tax, the lessor’s own legal and capital-works costs, and other items the Act excludes. A landlord must also give the tenant an audited outgoings statement within three months of the end of the accounting period.

Does a clean trust account audit mean there’s no fraud?

No. A statutory audit provides reasonable assurance that the records reconcile — not a guarantee that no money has been misappropriated. Forensic accounting is a different discipline: it examines the ledgers, reconciliations and authorities to test whether something actually went wrong.

Get the assurance in writing.

Book a confidential conversation and we’ll map exactly where your trust-money risk sits — and how to close it.