What the job involves day to day
A trust accountant looks after money the agency holds for other people. In a property management office that means rent, bills paid on behalf of landlords, and sometimes bonds. In sales it means deposits. Each day you match incoming payments to the right tenant or client ledger, issue receipts, and make sure the money is banked on time. In Queensland, trust money has to be banked by the end of the first business day after it arrives.
Disbursements are the other half of the job. You pay landlords their rent, pay tradespeople's invoices, and transfer the agency's fees and commission to its general account once they are earned. Every payment needs the client's authority behind it. At month end you reconcile the cash book, the client ledgers and the bank statement, and the three must agree to the cent. In Victoria the officer in effective control must sign the reconciliation as true and accurate within 14 days of month end.
Why the rules are so strict
The money belongs to clients, never to the agency. NSW Fair Trading states that trust funds can only be used for the client they belong to and must be paid out as that client directs. Every state sets its own rules on receipts, records, reconciliations and audits, and regulators enforce them. In Victoria, failing to lodge the trust account audit report within 10 business days of receiving it can attract a penalty of up to 120 penalty units.
Enforcement is real. In 2025 a Western Australian agency and its director were fined a combined $18,000 over trust audits that were years overdue and 166 trust transactions recorded late. Consumer Affairs Victoria has sought to suspend or cancel an agent's licence over four years of missed audits. A trust accountant who keeps clean, on-time records is what keeps the licensee out of that position.
Audits and rent roll software
Every trust account that held money during the year is audited by an independent accountant. Victoria uses a 1 July to 30 June year, with the audit due within 3 months. WA runs on the calendar year, also with 3 months to lodge. In Queensland the audit year depends on the month the licence was issued, and the report is due 4 months after it ends. Most of the year-end work falls to the trust accountant, who prepares the trust balance statement and supplies the records the auditor asks for.
Most agencies run trust accounting inside their property management software. Victoria sets minimum standards for computer systems. They must keep a before-and-after record of changes to client details, must not quietly allow a ledger to go into debit, and must not delete a ledger with money still in it. Software defaults can also get you in trouble. WA's auditor guide warns that software may charge routine inspection fees automatically even when no inspection took place.
How it differs from general bookkeeping
A general bookkeeper manages a business's own money and has some freedom over timing and categories. Trust accounting has none of that freedom. Each client needs a separate ledger, and WA's handbook says no client ledger may ever go into debit. One client's money can never cover another client's shortfall, even for a day. Receipts must carry set details. In Queensland a rent receipt must show the property address and the date the rent is paid up to.
Authority is also different. In NSW only the licensee in charge can authorise withdrawals, and they cannot hand that authority to anyone else. The trust accountant processes the payments, but the licensee approves them. You work inside a statute and an audit regime, and the legal duties are spelled out in each state's property agents legislation.
Pay
AUD a year, before tax. Figures are based on Australian Bureau of Statistics Employee Earnings and Hours, May 2025, indexed to 2026. State figures are modelled, not official. Pay moves with portfolio size, number of trust accounts and offices, and employer. Refer to the Property Finance & Trust Accounting salary guide for figures from live adverts.
What you need
- Bookkeeping accuracyYou need to balance a cash book, client ledgers and a bank statement every month without a single cent unexplained.
- Knowledge of your state's trust rulesBanking deadlines, what receipts must show, reconciliation deadlines and how long to keep records all differ by state. Queensland, for example, requires trust records to be kept for 5 years.
- Property software skillsMost trust work runs through property management software, so you need to know how receipting, disbursement runs and end-of-month processes work in your agency's system.
- Understanding of client authorityFees and expenses can only come out of trust once the client has authorised them and the cost has actually been incurred.
- Audit preparationYou prepare the year-end statement of trust money held and supply the auditor with the records they ask for.
- Discretion and integrityYou handle large sums of other people's money, and regulators can inspect your agency's records at any time.
State by state
| New South Wales | Only the licensee in charge can authorise trust withdrawals, and that authority cannot be delegated. The audit year ends 30 June, and the auditor must lodge the report online by 30 September. |
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| Victoria | Trust accounts are audited for 1 July to 30 June, within 3 months, by an approved auditor. The agent must lodge the report through myCAV within 10 business days of receiving it. |
| Queensland | Trust money must be banked by the end of the first business day, and the monthly reconciliation is due within 5 business days of month end. The audit report is due 4 months after the audit period ends. |
| Western Australia | Trust audits must be completed and lodged within 3 months after the end of each calendar year. The auditor must be a registered company auditor under the Corporations Act 2001. |
| South Australia | Client funds go into a trust account approved by Consumer and Business Services. Agents must issue detailed receipts and have their accounts audited every year. |
How to get there
- Before you startLearn the basics of bookkeepingGet comfortable with ledgers, bank reconciliations and accounting software, either through study or an office or accounts role.
- Year 1Start in property administrationMany people begin as a property or accounts officer, receipting rent and processing invoices under an experienced trust accountant.
- Year 1-2Take over the monthly cycleRun receipting, landlord disbursements and the end-of-month reconciliation yourself, with the licensee reviewing and approving.
- Year 2-3Handle the annual auditPrepare the year-end trust statement and work directly with the auditor through the audit.
- Year 3+Move to a larger portfolio or multiple officesExperienced trust accountants look after several trust accounts or offices, or move into finance roles at larger groups.
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Questions people ask
Is a trust accountant the same as a bookkeeper?
The skills overlap, but the work is narrower and much more tightly regulated. A trust accountant deals only with client money held under state property agents legislation, with set deadlines for banking, receipting and reconciling, and an independent audit every year.
Who is legally responsible if the trust account is wrong?
The licensee carries the legal responsibility. In NSW only the licensee in charge can authorise withdrawals, and they can still be liable if they let someone else take money out. In WA, directors and the person in bona fide control can also be found in breach when the agency fails.
How often is a real estate trust account reconciled?
Every month. In Queensland the reconciliation must be finished within 5 business days after month end. In Victoria the officer in effective control must verify the reconciliation statement within 14 days of month end.
Who audits a real estate trust account?
An independent qualified accountant. In Victoria the auditor must be a practising public accountant who belongs to CPA Australia, the Institute of Public Accountants or the Institute of Chartered Accountants. WA requires a registered company auditor. The auditor cannot be an employee of the agency.
What happens if an audit is late?
Late audits can cost the agency its licence. In NSW a licensee whose audit is late can be disqualified from holding or renewing a licence. In Victoria the Business Licensing Authority can suspend a licence when the audit is not done or the report is not lodged on time.
Sources
- NSW Government (NSW Fair Trading): Real estate trust accounts and audit requirements
- Consumer Affairs Victoria: Auditing estate agents trust accounts
- Consumer Affairs Victoria: Estate agents trust accounts reference guide
- Queensland Legislation: Agents Financial Administration Regulation 2014
- Queensland Office of Fair Trading: Handling trust money in the property industry
- Queensland Office of Fair Trading: Trust account audits for the property industry
- Consumer Protection WA: Trust account handbook for real estate agents
- Consumer Protection WA: A guide to auditing trust accounts
- Consumer Protection WA: Trust account audit failures lead to fines
- SA.GOV.AU: Working in real estate
