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Real Estate Trust Audit

Real Estate Trust Audits by Bottrell Newcastle Accountants

Welcome to Bottrell Newcastle Accountants, your trusted partner for real estate trust audits in Newcastle, New South Wales. As a division of Bottrell Accountants & Financial Planners, we specialize in ensuring compliance and financial integrity for real estate professionals.

Our Commitment

At Bottrell, we understand the critical role trust accounts play in the real estate industry. Our mission is to empower agents, property managers, and agencies to maintain transparent, accurate, and legally compliant trust accounts. We achieve this through expert guidance, personalized service, and innovative solutions.

Services We Offer:

  1. Trust Account Audits:

    • Thoroughly review your trust account records.
    • Identify any discrepancies or potential issues.
    • Provide actionable recommendations for compliance.
  2. Documentation Review:

    • Assess the completeness and accuracy of trust-related documents.
    • Ensure proper authorization for transactions.
  3. Compliance Consulting:

    • Stay informed about relevant legislation and regulations.
    • Receive proactive advice to prevent common pitfalls.

Why Choose Bottrell Newcastle Accountants?

  • Experience: With years of experience, our team understands the nuances of real estate trust accounting.
  • Local Knowledge: We’re based in Newcastle, allowing us to address region-specific requirements.
  • Award-Winning Excellence: Our commitment to quality has earned us recognition within the industry.

Contact Us

Visit our office at 45 Hunter St, Newcastle, NSW, 2300, or reach out to Director Gavin Bottrell. Let us help you navigate trust account audits with confidence!

Trust Account Audits

- Thoroughly review trust account records.
- Identify discrepancies or potential issues.
- Provide actionable recommendations for compliance

Documentation Review

- Assess the completeness and accuracy of trust-related documents.
- Ensure proper authorization for transactions.

Valuation Services

- Value real property for estate tax, gifting, and transfer purposes.
- Tailored approach based on ATO guidelines and industry standards

Business Enterprise Valuation

- Evaluate closely held business interests.
- Consider applicable discounts for lack of control and marketability

Portfolio Valuations

- Assess noncontrolling interests in real estate entities.
- Determine fair market value for estate tax filings

Here to help you with all your Newcastle Accounting & Tax needs

Best Practices for Real Estate Trust Account Management

Managing a real estate trust account involves critical responsibilities to safeguard client funds and maintain compliance. Follow these best practices to ensure trust account integrity:

  1. Segregation of Funds:

    • Keep trust funds separate from business or personal accounts.
    • Clearly label trust accounts to avoid commingling.
  2. Regular Reconciliations:

    • Perform monthly reconciliations promptly.
    • Verify balances against bank statements and transaction records.
  3. Authorization and Documentation:

    • Obtain proper authorization for all transactions.
    • Maintain detailed records for each trust transaction.
  4. Audit Preparedness:

    • Stay organized with complete documentation.
    • Familiarize yourself with audit requirements in your jurisdiction.
  5. Risk Mitigation:

    • Implement internal controls to prevent errors or fraud.
    • Regularly review trust account procedures.
  6. Communication with Clients:

    • Inform clients about trust account procedures.
    • Provide timely statements and updates.

Why Choose Bottrell Newcastle Accountants?

  1. Expertise in Real Estate Trust Audits:

    • Our team specializes in real estate trust account audits.
    • We understand the nuances of trust accounting within the industry.
  2. Local Knowledge and Presence:

    • Based in Newcastle, we’re familiar with regional requirements.
    • Our local presence ensures personalized service and timely support.
  3. Award-Winning Excellence:

    • Bottrell has received industry recognition for our commitment to quality.
    • Trust our track record of excellence in financial services.
  4. Tailored Solutions:

    • We customize our services to meet your specific needs.
    • Whether you’re an agent, property manager, or agency, we’ve got you covered.
  5. Compliance Assurance:

    • Rest assured that your trust accounts are compliant with regulations.
    • We provide actionable recommendations to enhance your financial processes.

Choose Bottrell Newcastle Accountants for reliable, efficient, and client-focused real estate trust audits. Contact us today at 45 Hunter St, Newcastle, NSW, 2300, or connect with Director Gavin Bottrell. Let’s ensure your trust accounts are in safe hands!

Bottrell Accountants | Newcastle Accounting Firm | Maitland Accountants

Real Estate Trust Account Audit Checklist for Agents

Navigating a real estate trust account audit can be daunting. Our comprehensive real estate trust account audit checklist serves as an example to streamline the process for estate agents and property managers. This guide outlines essential steps to prepare, conduct, and follow up on an audit, ensuring compliance and peace of mind in financial management.

Disclaimer: This checklist is for informational purposes only and should not replace professional advice. Always engage a licensed auditor to ensure your audit complies with applicable laws and standards.

Pre-Audit Preparation

Documentation Collection

-Gather all bank statements, ledgers, and transaction records related to the trust account.
-Ensure completeness of contracts and agreements linked to trust transactions.

Reconciliation Preparation

- Perform monthly reconciliations up to the date of the audit.
- Verify all entries and balances against bank statements.

Audit Execution

Transaction Verification

- Check each transaction for proper authorization and documentation.
- Ensure that all receipts and payments align with trust account guidelines.

Compliance Review

- Assess adherence to the Property and Stock Agents Act and other relevant regulations.
- Review the segregation of trust funds from business or personal accounts.

Auditor Interaction

- Discuss any discrepancies or concerns noted during the audit.
-Review the auditor’s findings and recommendations in detail.

Post-Audit Actions

Report Filing

- Ensure the audit report is completed and filed by the due date.
- Lodge the report with the appropriate real estate commission or licensing board.


- Implement corrective actions based on audit findings.
- Schedule any necessary follow-up audits or reviews to address issues.

Bottrell Newcastle Chartered Accountants

What is a Chartered Accountant and what makes them different?

As chartered accountants, we are dedicated to providing professional and reliable financial services to individuals and businesses. With our expertise in accounting, taxation, and financial planning, we strive to help our clients achieve their financial goals and navigate complex financial challenges.

We are easily accessible by car, with parking available. Our team of experienced professionals is dedicated to helping businesses, families, and individuals in the Newcastle and Hunter region reach their full potential and achieve financial success.

At Bottrell Business Consultants, we offer a wide range of services, including accounting, tax, business coaching, financial planning, and marketing. Please contact us at 02 4003 4808 or by email at to schedule a consultation and learn how we can help you. Our office is open Monday to Friday, 8:00 am to 5:30 pm (AEST).

Newcastle Accountants, Tax Agents, Auditors & Financial Planners.

Contact Us

Contact us at @ Bottrell Newcastle Accountant