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Real Estate Trust Audits

At GMD Advisory, we understand the critical importance of maintaining compliance with the stringent regulations governing real estate trust accounts. As a trusted partner for real estate agents, we provide comprehensive audit services that help ensure your trust accounts are fully compliant with the Agents Financial Administration Act 2014.

What Are Real Estate Trust Audits?

Real estate trust audits are a mandatory process that involves the thorough examination of an agent’s trust accounts, specifically those used in property management and sales. These audits ensure that trust funds are managed correctly, transparently, and in accordance with legal requirements. They are crucial in maintaining the integrity of financial transactions and protecting both clients and agents.

Why Are Real Estate Trust Audits Required?

In Queensland, real estate agents are legally obligated to conduct regular audits of their trust accounts. The Office of Fair Trading mandates these audits to prevent mismanagement or misuse of trust funds. As an agent, it’s not just about staying compliant with the law; it’s also about upholding your reputation and providing peace of mind to your clients.

GMD Advisory performs two interim and one final external examination of your trust accounts each year. These examinations are essential for identifying any discrepancies early on, allowing you to address issues before they become significant problems. Our auditors work diligently to ensure that all reporting requirements are met and that submissions to the Office of Fair Trading are completed by the required dates.

Our Process

At GMD Advisory, we take a thorough and meticulous approach to auditing. Our team is well-versed in the common software platforms used by real estate agents, such as Eagle and Property Me, allowing us to efficiently navigate and audit your trust accounts. We notify the Office of Fair Trading of our appointment using the required Form 5, and we manage the entire audit process to ensure compliance with all regulatory requirements.

The audit process is tailored to fit the unique timelines of your registration dates, ensuring that all necessary reports are lodged on time. This proactive approach helps to mitigate risks and keeps your operations running smoothly.

Take Action Today

Ensuring the compliance of your real estate trust accounts is not just a legal requirement—it’s a vital part of maintaining the trust of your clients and the success of your business. Let GMD Advisory be your partner in this process. Contact us today to schedule your trust account audits and secure your peace of mind.

Office

Gold Coast, Qld —
71  Davenport St
Southport QLD 4215

Newsletter

DISCLAIMER: The work performed BY GMD ADVISORY for you is undertaken in accordance with the Tax Agent Services Act 2009. The Tax Agent Services (Code of Professional Conduct) Determination 2024 requires us to make the following disclosures: 1) There have been no matters that could significantly influence your decision to engage us for Tax Agent Services since REPORTING REQUIREMENTS BEGAN ON 1 July 2022. 2) To provide Tax and BAS services, an agent must be registered. The Tax Practitioners Board maintains a register of tax and BAS Agents that can be accessed and searched on The TPB PUBLIC REGISTER 3) If you have a complaint about our service, you can take the following steps to resolve this situation: i) Please contact the individual working with you first with all details of your complaint by email. ii) If they cannot resolve your complaint within 5 business days, please escalate this matter by email to OUR DIRECTORS – MATTHEW DICKER AND MEGAN SCHMIDT WHO will attempt to resolve your complaint within 10 business days. iII) If you are unhappy with our proposed outcome, you can then ESCALATE YOUR complaint to the Tax Practitioners Board.

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