Guide
Trust account reconciliation for real estate agencies
Why trust reconciliation and the yearly audit matter for NZ and Australian agencies, and what regulators do when audits are missed.
The short answer
Money an agency holds for clients goes into a trust account, and that account must be reconciled and audited. In New Zealand every agency trust account is audited. In NSW, Victoria and Queensland the audit is yearly, and the licensee answers for it.
Missed audits are one of the most common reasons regulators act. A clean monthly reconciliation is what makes the yearly audit quick.
- New Zealand
- Agencies must deposit transaction money into a designated trust account, and those accounts must be audited. REA allows a third-party trust account: you do not have to operate the account yourself. Switching means notifying REA and your auditor and a final audit of the old account.
- New South Wales
- Trust accounts need a Fair Trading UID, and audits are annual. A 2026 compliance operation found 34 businesses facing suspension and 41 overdue audits.
- Victoria
- Trust accounts are audited every financial year. Consumer Affairs Victoria has fined, suspended and banned agents over missed audits, and ordered some to appoint a third party to run their trust records.
- Queensland
- Only the principal licensee may operate a trust account, with a Queensland branch of an approved institution. The licensee lodges the audit report, and late lodgement can bring fines or cancellation.
Questions agents ask
Do I have to run my own trust account in New Zealand?
No. REA allows a third-party trust account. Switching requires notifying REA and your auditor and a final audit of the old account.
How often are trust accounts audited in NSW, Victoria and Queensland?
Every year in all three states.
What happens if an agency misses a trust audit?
Regulators have fined, suspended and banned agents. In Victoria some were ordered to appoint a third party to run trust records for two years.
Reconcile monthly, hand over the audit pack in one go
Indium Rent Roll keeps the trust ledger, the reconciliation and an auditor pack together.
Sources
- Real Estate Authority, trust accounts
- NSW Government, real estate trust accounts and audit requirements
- NSW Government, compliance operation fines rogue real estates
- Consumer Affairs Victoria, taking action to protect trust account funds
- Queensland Government, keep a trust account in the property industry
- Queensland Government, trust account audits for the property industry
General information, not legal advice. Checked against the sources above in October 2026. Rules change, so confirm with your regulator. More guides.
See it with your own numbers
A 30-minute walkthrough with Sam Hill, on your office or your solo setup.