Industry
Accounting for Real Estate Agencies
Hand the agency's tax, BAS, payroll and reports to one team, with trust account audits as a separate engagement in Victoria, New South Wales, Queensland, Tasmania and the ACT.
What we see
Common accounting issues
- Sales staff pay often includes commission, so pay runs change from one period to the next.
- The agency's operating accounts sit next to a trust account with its own rules, and the two are easy to blur in day-to-day bookkeeping.
- Income rises and falls with sales and settlements, which makes cash flow hard for the principal to plan.
Our work
What we handle
- BAS and GST As a registered tax agent, we prepare and lodge each BAS for the agency. See the BAS & GST Lodgement for Businesses page
- Payroll and super Pay runs for sales and property management staff, worked from the hours and pay details you send us and reported through Single Touch Payroll. See the Payroll, STP & Superannuation page
- Agency bookkeeping We keep the books for the agency's own business accounts and match them to the bank. Day-to-day trust accounting stays with the agency.
- Reports for the principal Monthly or quarterly reports on cash flow, costs and profit that show the principal how the agency is going as a business. See the Business Advisory & Financial Reporting page
- Trust account audits We audit real estate agency trust accounts in Victoria, New South Wales, Queensland, Tasmania and the Australian Capital Territory, as a separate service. The rules differ between them, and our trust audit page sets out the dates and rules for each one. See the Real Estate Trust Account Audits page
- Keeping the audit independent Where an agency wants both bookkeeping support and a trust account audit from us, we confirm with the agency the arrangement that keeps the audit independent before any work starts.
Why OziDesktop
Why work with us
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We also audit real estate agency trust accounts in Victoria, New South Wales, Queensland, Tasmania and the Australian Capital Territory, as a separate service.
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Your BAS and the agency's tax return are lodged by a registered tax agent.
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As a Xero Gold Partner we can set up or tidy the agency's Xero file, and we also work in MYOB and QuickBooks.
How it works
Getting to know the agency
We learn how the agency is structured, who is on the payroll and what you lodge.
Review and set-up
We go through your books and payroll, catch up anything outstanding and agree a routine for BAS, pay runs and reports.
Ongoing support
We do the books and payroll, lodge each BAS and send your reports on the agreed schedule.
What we need from you
- Access to your accounting software (Xero, MYOB or QuickBooks) and bank and card feeds
- Supplier bills, receipts and sales invoices, or access to the apps that capture them
- Employee details, pay rates, the award or agreement each employee is paid under and super fund details
- Your BAS and payroll reporting history
- Prior-year financial statements and tax returns
- The state your agency is licensed in, if you also want a trust account audit
FAQs
Common questions
Can you do our agency's bookkeeping and also do the independent audit of its trust account?
That depends on the arrangement. Where an agency wants both bookkeeping support and a trust account audit, we confirm with the agency the arrangement that keeps the audit independent before any work starts.
Which states and territories can you audit our agency's trust account in?
We audit real estate agency trust accounts in Victoria, New South Wales, Queensland, Tasmania and the Australian Capital Territory. Our trust audit page sets out the dates and rules for each one, under Dates and rules by state.
Do you keep our agency's trust account records day to day?
No. The agency keeps its own trust accounting and reconciliations. Our bookkeeping covers the agency's business accounts, and auditing the trust records is a separate service.
What reports will the principal receive?
Monthly or quarterly management reports, whichever suits the agency. They cover cash flow, costs and profit, and we agree the reports and timing with you at the start.
Do you also prepare the agency's tax return?
Yes, as a separate tax return service. We prepare returns for companies, trusts and partnerships from the books and the finished financial statements.
Do we need to change accounting software to work with you?
Not if the agency already uses Xero, MYOB or QuickBooks. We keep books in all three.
Need something outside this scope?
Every business is different. If you need additional accounting, bookkeeping, advisory or specialist work, we'll explain what's required and agree the scope with you before proceeding.
Talk to an accountant about your business
- Fixed fees, agreed upfront
- We contact your old accountant
- Free discovery call