Why do we need to have two separate trust accounts in NSW for sales and property management?

With the new property industry reforms being implemented on 23 March 2020, it is a requirement that separate trust accounts be held for monies being held in trust for sales and a separate account for property management. Agents need to review their processes around the preparation and authorisation of withdrawals from trust accounts to comply with the requirements that only the nominated the Licensee-In-Chrage is authorised to withdraw money from trust accounts. The Licensee-In-Charge also needs to review business processes to ensure that rental monies (less any authorised expenses) are remitted to landlords at the end of each calendar month, unless the landlord has instructed otherwise.

Michael Carolan | Senior Trainer & Assessor
Australian College of Professionals - RTO 91513.
Subscribe to our channel for future content.
Please visit for more information on our courses.
Like us on Facebook:
Follow us on LinkedIn:
Follow us on Twitter:
Follow us on Instagram:

Music & Stock Video from:

acop,management,real estate sales,property management,property services,real estate reforms,real estate,trust accounts,trust account,australian college of professionals,NSW,australia,