It’s only been a few months since local Gold Coast developer <a href="https://www.apartments.com.au/developers/dankav-developments">Dankav</a> unveiled its next precinct-driven project, and less than a month since formally launching <a href="https://www.apartments.com.au/new-apartments/the-alfred-mermaid-beach-2375-gold-coast-highway-mermaid-beach-qld-4218">The Alfred Residences</a>, a reimagining of the former Mermaid Beach Shopping Village.

In just the first three weeks, 30 of the 40 residences in stage one have been secured, predominantly by local buyers already living within the coveted 4218 postcode, underscoring the demand for a well-connected, beachside lifestyle.

[smartcode_project:default project_id=149942 project_image_fid=355148]

The origins of the shopping village, a community staple for several decades, will continue under DANKAV’s precinct-driven scheme. The apartments in the first stage will sit above a curated collection of restaurants, cafés and boutique retailers.

A central landscaped laneway defines the ground plane, framed by a series of low-scale buildings that open into shaded courtyards and plazas designed by <a href="http://j.ar">J.AR</a> Office. The residences above were designed by BDA Architecture and feature generous balconies, modern interiors and elevated views across the ocean, skyline or hinterland. The interiors are curated with layered detail and coastal-appropriate finishes, with layouts focused on privacy, natural light and ventilation.

[smartcode_project:default project_id=149942 project_image_fid=355150]

It was the site’s prime location that first appealed to DANKAV founder Daniel Veitch. The development sits directly across the road from the future Mermaid Beach South light rail station, giving residents convenient public transport access to the rest of the Coast.

While DANKAV is delivering extensive amenity as part of the retail plaza, the area is already well serviced, with a Woolworths Metro, established cafés and restaurants, and the all-important sand of Mermaid Beach just 100 metres from the front door.

[smartcode_project:default project_id=149942 project_image_fid=355149]

DANKAV is also behind the recently completed The Oxley 1823 at Nobby’s Beach, which has become the area’s go-to lifestyle precinct. They are nearing completion of LAANI on Alexandra Avenue, also in Mermaid Beach.

Construction on The Alfred Residences has already commenced, with the first stage slated for completion in 2027.

[smartcode_project_cta:default project_id=149942]

Joel Robinson

DANKAV approaches first stage sell-out of The Alfred Residences in Mermaid Beach after three-week sales blitz

On the top floor of Gardner Va​ughan Group’s <a href="https://www.apartments.com.au/new-apartments/danby-lane-nundah-village-5-danby-lane-nundah-qld-4012">Danby Lane</a> project in Nundah, just two penthouses offer some of the largest and most detailed new apartment homes ever delivered in the well-connected suburb, and among the biggest in Brisbane’s inner north.

Each of the four-bedroom, three-bathroom residences spans the full depth of the building on the 10th storey, one of the tallest buildings in Nundah. They are split between north and southeast orientations, maximising natural light and cross-ventilation, as well as capturing the suburb’s best views from the large wrap-around balconies.

One of the penthouses has already been snapped up by a local.&nbsp;The remaining 270 sqm penthouse is priced at $3.4 million.

[smartcode_project:default project_id=112531 project_image_fid=340185]

The open plan living, kitchen and dining area, which flows seamlessly to the terrace, forms the heart of each home. The kitchen has been designed as much for entertaining as everyday living, featuring large central island benches with stone overhangs that double as dining spaces. Butler’s pantries, European appliances and soft-close joinery complete the space.

The master bedroom in each penthouse features a walk-through wardrobe with integrated shelving and storage, and an ensuite with double vanities and a freestanding bathtub.

The additional bedrooms also include ensuites and balcony access, with one offering flexibility as a study or multi-purpose room. Each penthouse includes three secure car spaces, as well as a dedicated laundry with linen storage.

[smartcode_project:default project_id=112531 project_image_fid=320117]

Buyers can choose from two exclusive interior schemes. The Champagne palette pairs warm whites with timber grain and gold accents, while Truffle introduces deeper tones with forest-inspired wood finishes and matte black fittings. Both schemes extend consistently throughout the home, from kitchens to bathrooms.

Gardner Vaughan Group, a vertically integrated builder-developer that has already commenced construction on Danby Lane, is set to move its headquarters into one of the commercial spaces upon completion in early 2027. Having been based in Nundah for more than a decade, Danby Lane is very much a passion project for the team.

Residents will also enjoy a suite of private amenities, including a rooftop recreation area with a swimming pool, gym and function room, along with retail tenancies on the ground floor.

[smartcode_project_cta:default project_id=112531]

Staff Writer

Inside the remaining penthouse at Danby Lane in Nundah

Developer Tian An LFD has been given the green light from the NSW Government's Housing Delivery Authority to go ahead with its new Chatswood apartment development, <a href="https://www.apartments.com.au/new-apartments/hammond-greens-chatswood-5-9-gordon-avenue-chatswood-nsw-2067">Hammond Greens</a>.

The 35-storey mixed-use tower at 5-9 Gordon Avenue, on the edge of the Chatswood Bowls Club, will comprise 91 apartments, 22 of which will be affordable homes managed by Link Wentworth. They will sit above a two-level podium with retail and commercial space.

The plans were upsized from the early 25-storey scheme which proposed 64 apartments, following the Government's new planning provisions under the Housing SEPP that gave developers the opportunity to increase heights and floor place in exchange for an affordable housing component.

&nbsp;

The design by <a href="https://www.apartments.com.au/architects/fjc-studio">FJC Studio</a>&nbsp;builds on the concept first presented when the firm won the site’s design competition, describing Hammond Greens as “a unique form of vertical living that belongs on the North Shore - drawing on the vernacular and materiality of suburban living, and integrating native landscaping between the narrow tower forms”.

At ground level, 1,500 sqm of retail and commercial space will activate the podium, supporting a hybrid work environment and creating a stronger connection with the local community. Residents will also have access to an outdoor pool deck, yoga room, golf simulator, and landscaped gardens designed by <a href="https://www.apartments.com.au/landscape-architect/sturt-noble-landscapes">Sturt Noble Associates</a>.

&nbsp;

Located less than 500 metres from Chatswood Transport Interchange, the project contributes to the suburb’s growing pipeline of high-density development. It joins the likes of Changfa's recently launched The Anderson and Billbergia's Chatswood Grand Residences.

Hammond Greens is the first of two towers Tian is planning in Chatswood. They have a sister project, dubbed Hammond Place, just one street away at 15-19 Nelson Street. That will have around 110 apartments.

[smartcode_project_cta:default project_id=142900]

Tian An LFD greenlit for Hammond Greens apartments in Chatswood as project launches

The sought-after Latent Defects Insurance policy, offering off the plan apartment buyers peace of mind for 10 years post-completion, has made its way to Sydney’s harbourside. Boutique developer <a href="https://www.apartments.com.au/developers/toohey-miller">Toohey Miller</a> has secured this insurance for its newly launched Elizabeth Bay development, <a href="https://www.apartments.com.au/new-apartments/barncleuth-square-elizabeth-bay-4-4a-barncleuth-square-elizabeth-bay-nsw-2011">Barncleuth</a>. This marks the developer’s second project in the area, following the success of No. 1 Onslow Place.

Latent Defects Insurance, offered by <a href="https://www.apartments.com.au/news/resilience-latent-defects-insurance">Resilience Insurance</a>, provides cover for structural or waterproofing defects in new apartment buildings. It is a policy that only the developer or builder can take out, not the apartment purchaser.

Located just&nbsp;off Macleay Street, one of Sydney’s most desirable high streets, Barncleuth offers a rare collection of only 10 residences. With just two per floor, each oversized floorplan has been designed by SJB specifically for the owner-occupier.

[smartcode_project:default project_id=140184 project_image_fid=356342]

The five-storey building captures views over Rushcutters Bay and Paddington, blending contemporary brickwork with the expressive silhouettes of its Art Deco neighbours.

Inside, the residences, designed by David Hicks, prioritise generous scale and enduring quality, with a mix of two- and three-bedroom layouts. Expansive terraces and cross-ventilated interiors maximise light and airflow, while sustainable features such as a green roof and locally sourced materials reflect SJB’s commitment to long-term liveability.

[smartcode_project:default project_id=140184 project_image_fid=356341]

Developer Toohey Miller, led by Nick Couloumbis, says the design aims to bring lasting quality to an area long celebrated for its apartment heritage.

"It's a stone's throw from the best restaurants in Sydney. Some people call it the Soho of Sydney," Couloumbis told Apartments.com.au when the project was approved.

[smartcode_project:default project_id=140184 project_image_fid=356337]

By securing <a href="https://www.apartments.com.au/news/resilience-latent-defects-insurance">Resilience Latent Defects Insurance</a>, Barncleuth joins a growing group of premium Sydney projects adopting the gold standard in building protection.&nbsp;

The cover, provided before construction begins, ensures any hidden structural or waterproofing defects are repaired immediately, without lengthy litigation or fault disputes.

Resilience Insurance CEO Corey Nugent said the product has been a catalyst for renewed confidence in the off the plan market.&nbsp;

“Ultimately what we’re trying to do is build better buildings consumers can trust. When buyers take possession, they have full insurance protection from day one, for 10 years,” Nugent explained.

Unlike traditional policies such as strata or construction insurance, Resilience LDI is a first-resort, strict liability policy, meaning repairs are covered immediately without needing to prove negligence. Coverage extends to foundations, load-bearing walls, and waterproofing, the elements most critical to long-term structural integrity.

Regarded construction firm Jasara has been appointed to deliver Barncleuth. They are forecasting an early 2027 completion.

[smartcode_project_cta:default project_id=140184]

Toohey Miller brings 10-year Latent Defects Insurance to Elizabeth Bay as Barncleuth apartments launch

<a href="https://www.apartments.com.au/developers/golden-sedayu">Golden Sedayu</a> has unveiled plans for the next phase of its landmark $4 billion <a href="https://www.apartments.com.au/new-townhouses/burswood-point-saintly-entrance-burswood-wa-6100">Burswood Point</a> project, just 3.5km from the Perth CBD at the Belmont Racecourse site.

The Local Development Plan Application has been lodged for a world-class mixed-use hub (Precinct B) on the previously untouched 2.5km stretch of Swan River foreshore.

Designed by Skidmore, Owings &amp; Merrill (SOM), recognised for their work on the world’s tallest skyscraper, Burj Khalifa in Dubai and the One World Trade Centre in New York, Precinct B will feature 15 buildings, offering a mix of residential and commercial spaces including a shopping centre up to 30,000 sqm in size.

Complementing this, an internationally acclaimed five-star hotel, and a high-end pedestrian-friendly retail boulevard with vibrant day-and-night retail, dining, and entertainment venues, will provide exciting new ways for Perth residents to connect with the riverfront.

This latest milestone signals continued construction and expansion momentum across Perth’s premier riverfront community, which is set to attract local, national and international visitors.

[smartcode_project:default project_id=142314 project_image_fid=263304]

The masterplan features 110,000 sqm of public open space, which is comparable to other Perth landmarks including inner-city Langley Park and South Perth foreshore. The riverside precinct will be brought to life through a visionary landscape concept by globally renowned architectural practice Grant Associates.

With an impressive international portfolio, including Gardens by the Bay and Funan Mall in Singapore and Barangaroo South in Sydney, the firm brings expertise in creating environments that harmonise with surrounding amenity.

At 38 hectares, Burswood Point is one of the largest urban development projects ever undertaken in Australia, and one of Perth’s most transformative mixed-use developments.

Golden Sedayu Managing Director Andrew Sugiaputra said the company was working closely with SOM, Grant Associates and the Government of Western Australia to ensure Burswood Point’s design responds sensitively to its surroundings, reflecting and enhancing the character, history, and natural features of the local environment.

[smartcode_project:default project_id=142314 project_image_fid=1817]

“West Australians enjoy a privileged outdoor lifestyle and the Swan River is central to their enjoyment,"&nbsp;Sugiaputra said.

"We’re proud to be creating something truly spectacular and unique for the city, a place that feels alive from sunrise to sunset, a place where people can stay, shop, dine, and celebrate life on the river."

Precinct B builds on the outstanding success of Burswood Point’s first residential stage, which has been met with exceptional market demand. Somerset Residences, a two- tower luxury apartment development, and the exclusive riverfront homes collection are under construction and selling fast. As the number of Perth houses listed for sale remain at or near record lows, Burswood Point will deliver 4,500 new homes over the next 10 years.

“Golden Sedayu is dedicated to delivering on our promises,"&nbsp;Sugiaputra added.

"Our clients can buy with confidence, knowing that the price is fixed throughout construction. In an industry that has faced challenging market conditions, we’re proud to provide our clients complete peace of mind and confidence in the value of their investment."

&nbsp;

[smartcode_project_cta:default project_id=142314]

Golden Sedayu reveals next 15 buildings in Perth's $4 billion Burswood Point precinct

State Revenue

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Hi Margaret, I've recently purchased commercial real estate in the last 30 days in VIC (settlement has been completed). I registered it under company "1 PTY LTD", however I wish to change this to a different company (I remain as the company director of the new company). Stamp duty cost me 100k+ (I don't wish to pay this again). Is the above possible without attracting stamp duty on the building if a mistake was made?
 
It may be hard for you to convince the office of state revenue that you made a mistake on this one - when you received the contract it would have asked for the purchaser's detail, the documents would have been signed by you as that purchaser and the State Revenue Office would have relied on these documents for the purpose of assessment of duty. As this one is outside of my own area of expertise I consulted Paul Sande from Asset Conveyancing.  He is an expert in conveyancing in all states, as this area is markedly different from state to state. He believes that there may be another avenue available to you. Sec 250A of the Duties Act 2000 provides for an exemption from duty for an eligible transaction where there is a legitimate reconstruction of corporate groups. An eligible transaction is any of the following that occurs on or after 1 January 2004:- 1. A transfer of dutiable property from one member of a corporate group to another member of the group; 2. A relevant acquisition by a member of a corporate group from another member of the group to which Sec 83 of the Duties Act applies; 3. A declaration of trust to dutiable property the specification of which forms part of the declaration of trust or part of the transaction constituted by the declaration of trust by one member of a corporate group under which the dutiable property is held on trust for another member of the group; or 4. Any other transaction that results in the beneficial ownership of dutiable property moving from one member of a corporate group to another member of the group. Paul says that the Commissioner needs to be satisfied, amongst other things, that the eligible transaction does not arise from arrangements or a scheme devised for the principal purpose of taking advantage of the benefit of the corporate reconstruction exemption. In your case you did this inadvertently and so there was no intent to gain any particular advantage here. Your best course of action is to consult your office of state revenue, explain that you wish to reconstruct the corporate group to have this property held by another member of that group, and see what they say about this.
Have a property question?       <a href="mailto:askmargaret@propertyobserver.com.au" target="_blank">Ask Margaret!</a>
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mlomas-KC9MUPZ6Ca

Ask Margaret: Convincing the Office of State Revenue

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NSW land tax revenues are up, but stamp duty on sales has fallen dramatically.
The annual land tax revenue from property investors was $148 million higher than the $3.68 billion forecast.
The land tax helped the NSW surplus for 2017-2018 coming in at $3.9 billion, buoyed by a gst boost.
But a slowdown in sales activity saw NSW stamp duty revenues $960 million lower than expected.
The stamp duty revenue will be $10.4 billion this financial year, down from the $11.46 billion forecast.
It was blamed on lower than expected growth in property sales and prices along with a “significant shift from investors toward first home buyers.”
The overall stamp duty revenue will be $5.5 billion lower over the three years to 2020-21.
“Despite  this our finances remain in excellent shape,” the NSW Treasurer Dominic Perrottet said.
The Treasury papers noted while the downturn was “significant in dollar terms, revenue growth has been strong for an extended period, and the downturn is moderate compared with historic variations.”
The budget papers noted stamp duty was “a highly volatile revenue source reflecting the underlying volatility of property transactions and prices.”
There was also a sharp fall in revenues from foreign investors revealed in the budget.
There was hope that the state budget would provide stamp duty relief or reform, but the Treasurer said he would prefer to support first time buying.
 
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jchancellor-FAypfDUnLy

No change on stamp duty or FHB in NSW state budget, as decline in sales activity hits

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
At the most basic level a government budget is about two things: revenue and spending. True happiness, as Mr Micawber would say, lies in ensuring that outgoings do not exceed what comes in.
Under that definition NSW treasurer Gladys Berejiklian would be very happy today, having handed down a budget with a surplus of $3.4 billion this financial year (and $3.7 billion over 2016-2017), as well as forecasts of surpluses (albeit slimmer) in the forward estimate years ending 2019-20. And this feeling may well spill over to the Federal Coalition in coming election.
The results, mainly off stamp duties received from residential property and its participation in the federal government’s asset recycling incentive program, which rewards it for investment in infrastructure and privatisation of state assets, sees the state’s debt drop to just .01% of Gross State Product, backing her claim six months ago that NSW was debt free for the first time in 20 years.
It’s not all good news, with Berejiklian noting NSW would lose GST payments from the Commonwealth by some $850 million, equating to $10.8 billion in lost revenue by 2019-20.
State governments are technically sovereign on their spheres of competence but in the real world they are highly dependent on the commonwealth government because of vertical fiscal imbalance. They cannot do what they have to do without a regular influx of money from the Commonwealth government. This constrains their freedom of action.
Berejiklian, claimed that this was a function of the success of the NSW economy and government financial management which perhaps only underlines some of the perversities of Australian federalism in action.
The NSW state government has claimed $3.4 billion dollar surplus for 2015-16 and says that it will deliver surpluses of about $2 billion a year for the next four years. However, it was recently reported that there could be a $17 billion “black hole" in future budgets over the next few decades.
One issue is that state revenue quite dependent on the property market and its capacity to deliver stamp duty. The capacity of NSW by itself as with all the states to raise revenue is limited. This is why state finances are vulnerable to the up and downs of the property market.
Given that the boom in the construction of apartments appears to be coming to an end this may mean the NSW’s capacity to remain “debt free” is very limited. This is perhaps why Mike Baird at the beginning of 2016 was such a vocal supporter of an increase of the rate of taxation imposed for the GST.
In this context, two of the taxation measures in the budget are interesting. One is the imposition of an additional stamp duty and land tax for foreign investors.
The other is the reduction of certain types of duty for business. Both of these resonate with the federal election, the desire to make those from elsewhere pay tax and the reduction in company tax by the Liberals.
Both of these measures indicate important aspects of any Liberal strategy; on the one hand the need to raise money in a way that does not impose on voters, on the other hand a desire to lift the taxation burden on business so that it can flourish, create jobs and create more revenue through other forms of taxation.
Another theme which resonates with the federal situation is that the treasurer has also indicated her desire to cut government costs through an efficiency dividend. This is something that her federal counterpart seems reluctant to do, although as Opposition member Ryan Park has suggested, such savings in public service spending have to be balanced against increased spending on consultants.
At the moment NSW is performing well economically, which will help the federal Liberal Party in its quest to be returned to office. Therefore a steady as she goes budget, even if it is at a time when the property boom is winding down, seems appropriate. The absence of nasties, especially in the context of “no debt”, creates a mood of confidence and prevents the fostering of any real grievances amongst the ordinary voter which could express itself in the federal election.
Moreover, the announcement of increased funding for both education and roads, both issues which resonate in Western Sydney, will help the Liberal Party in crucial marginal seats in that area.
The real issue with such a budget relates to those things which are not being discussed a lot. In the longer term NSW, like all the states, faces massive costs, especially areas related to an ageing population and health. As with education, these are things which the state can afford to pay for without assistance from the Commonwealth government.
In this regard, the real issue is how rising health costs will be funded over the next decade. As Stephen Duckett has pointed out neither party at the federal level has proposed “any plan for funding hospital cost growth beyond 2020”.
The federal election campaign has said a lot about spending but there has been little indication how the very real problems facing Australia as it moves close to the third decade of the century will be funded. There is a certain air of unreality that somehow we will, like the British, “muddle through” so that everything will work out. For the moment everything is in a holding position.
One gets a similar feeling about the NSW budget. There is the afterglow of a property boom which has done wonders for government finances. But there are also storm clouds on the horizon. Receipts from stamp duty can only go in one direction. The state is losing a good amount of its GST revenue. In the longer term real problems funding both health and education threaten.
But a state government can only do so much. It remains dependent on Commonwealth money. The real challenges over the next few years will be to re-negotiate the federal compact, a task begun by Tony Abbott, and to find ways of ensuring that health costs can be funded and do not weigh down the public purse.
In the meantime, both the Federal Government and the Government of New South Wales enjoy a bit of an Indian Summer, the calm before the storm. From that perspective one should expect a good showing by the Liberal Party at the coming Federal elections in NSW. The worrying thing is that they might not be doing enough to prepare for the storm.
Gregory Melleuish is associate professor, School of History and Politics, University of Wollongong and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/gregory-melleuish-8479" target="_blank">here</a>.
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NSW budget delivers a fat surplus, but mixed bag for Turnbull’s chances

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<div>The Office of State Revenue is committed to the NSW Government’s target of having 70% of transactions conducted digitally by 2019.</div>
<div> </div>
<div>One of our digital services, Electronic Duties Returns (EDR), allows authorised agents to process a wide range of Duties transactions from their office.</div>
<div> </div>
<div>This service also allows solicitors and conveyancers to seamlessly integrate with e-Conveyancing platforms and services.</div>
<div> </div>
<div>Currently, some legal firms continue to lodge documents for assessment that could be done via EDR, this is unsustainable.</div>
<div>
Commencing 1 July 2016, conveyancing documents, which can be processed through the EDR system, will no longer be assessed by the Office of State Revenue.
This is the first step of the digital transformation for property with more to come in 2016 and through 2017.
</div>
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jonathanchancellor-7SQnKwU6yx

Property 101: Changes to NSW Office of State Revenue conveyancing document lodgement service

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You must keep full and accurate accounting records that:
<ul>
<li>show the true position of all trust money received </li>
<li>enable your trust accounts to be properly audited. </li>
</ul>
Your accounting records must show:
<ul>
<li>who is entitled to the trust money </li>
<li>details of each trust money transaction </li>
<li>dates on which, or the period during which, each transaction took place. </li>
</ul>
Whenever a trust money transaction occurs, you must update your accounting records by the end of the next business day. 
The Estate Agents (General, Accounts and Audit) Regulations 2008 set out the required:
<ul>
<li>accounting documents </li>
<li>procedures </li>
<li>details to be kept.</li>
</ul>
If you are seeking technical or accounting information, or information not available on our website, ask your accountant or auditor for advice in the first instance.
Cash receipts journal
You must keep a trust account cash receipts journal, recording all money received daily.
This must include the:
<ul>
<li>number of the receipt </li>
<li>date the receipt was made out and, if different, the date on which the trust money was received </li>
<li>amount of money received</li>
<li>form in which the money was received; for example, cash, cheque or EFT </li>
<li>name of the person from whom the money was received </li>
<li>name and reference number or other identification of the person on whose behalf the money was received </li>
<li>details clearly stating why the money was received </li>
<li>details identifying the ledger account to be credited.</li>
</ul>
Cash payments journal
You must update a cash payments journal with all daily withdrawals from the account.
For payments made by cheque, this must include the:
<ul>
<li>date, serial number and amount of the cheque </li>
<li>name of the person the payment was made to; or, for a cheque made payable to an authorised financial institution, the institution’s name or BSB and the name of the person receiving the benefit of the payment </li>
<li>name and reference number or other identification of the person on whose behalf the cheque was drawn </li>
<li>details of the account in the trust ledger to which the cheque is to be debited </li>
<li>details of the purpose for which the cheque was drawn.</li>
</ul>
For payments made by EFT, this must include the:
<ul>
<li>date, reference number and amount of the transfer </li>
<li>name of the person to whom the payment was made; or, for a payment to an authorised financial institution, the institution’s name or BSB and the name of the person receiving the benefit of the payment </li>
<li>name and number of the account, including the BSB number, to which the amount was transferred </li>
<li>name and reference number or other identification of the person on whose behalf the transfer was made </li>
<li>details of the account in the trust ledger to which the payment is to be debited </li>
<li>details of the purpose for which the payment was made.</li>
</ul>
Payments must be recorded in the order in which they were made.
Transfers
You must not transfer money between accounts in the trust ledger unless you are entitled to transfer the money for that purpose. 
For example, you may transfer money from a landlord’s ledger to a commission ledger if the landlord has signed a property management authority that entitles you to claim commission.
You must record transfers in a journal kept exclusively for that purpose.
Entries in a transfer journal must include:
<ul>
<li>the date of the transfer </li>
<li>the amount transferred to and from each ledger account </li>
<li>the names of all ledger accounts to be debited or credited, including identifying references </li>
<li>details that clearly identify the purpose for which the money was transferred.</li>
</ul>
Trust ledger accounts
You must keep a ledger consisting of a separate identifiable account for each:
<ul>
<li>person on whose behalf you hold trust money </li>
<li>transaction for which you hold trust money.</li>
</ul>
The title of each ledger account must include the:
<ul>
<li>name and address of your client</li>
<li>purpose for which the money was received.</li>
</ul>
You must record the following details in the trust ledger account when you receive trust money, cheque payments, electronic funds transfer (EFT) payments or transfer of funds via journal entry:
<ul>
<li>date of issuing receipt, receiving money, making payment, or funds transfer </li>
<li>receipt, cheque, EFT payment or journal number </li>
<li>name of the person the money was received or paid from, or ledger account the money was transferred to</li>
<li>purpose for which the money was received, paid or transferred </li>
<li>amount received, paid or transferred.</li>
</ul>
You must record transactions relating to trust money in the trust ledger account in the order in which they occur.
You must also ensure that a trust ledger account has a continuous running balance, showing the amount held.
Monthly reconciliations
You must balance your trust accounts and prepare statements each month. The balances you must reconcile are:
<ul>
<li>cash journals </li>
<li>ledger accounts </li>
<li>accounts at your authorised financial institution.</li>
</ul>
The principal agent or officer in effective control must verify the reconciliation statements as true and accurate within 14 days of the end of each month. 
Storage and back-up of records
You must keep trust records for at least seven years.
You must back up electronic records at least once a month. The principal agent or officer in effective control must keep back-up copies and a complete set of copies must be stored at a separate location.
Computerised accounting systems
If you use a computerised accounting system, it must:
<ul>
<li>keep a record of any information created, amended or deleted that relates to the:</li>
<ul>
<li>seller’s or landlord’s name and address, reference number or other identification </li>
<li>description of each transaction </li>
<li>ledger account reference number or other identification for each trust ledger account</li>
</ul>
</ul>
The record must show the details before and after this information was created, amended or deleted
<ul>
<li>not accept entries of transactions that result in a debit balance in a trust account, unless there is a chronological record of the details of the change that can be produced on request </li>
<li>not be able to delete a trust ledger account unless the balance is zero and all outstanding cheques have been presented. When the account is deleted, the system must retain a permanent copy </li>
<li>not be able to amend the details of a transaction already recorded, except by recording a separate transaction that makes the amendment </li>
<li>require input in every field of a transaction data entry screen that receives information required by the Act and the Regulations </li>
<li>be backed up at least once a month. Each back-up copy must be retained by the agent in charge of the business or the officer in effective control, and a complete set of the back-up copies must be kept in a separate location.</li>
</ul>
Using an estate agent trust accounting software package can make it easier to comply with many of these requirements. 
General accounting software packages may also be of some assistance; whichever system you use, it is your responsibility to ensure you comply with the Act and Regulations.
Register of securities 
If you hold securities, documents of title or receipts for trust money on behalf of another person, you must keep a register of these. 
The register must show:
<ul>
<li>the date the security, document of title or receipt was received </li>
<li>a description of the security, document of title or receipt </li>
<li>the value or amount of the security or money deposited </li>
<li>the name of the person the security, document of title or receipt is held for</li>
<li>the date you delivered the security, document of title, or receipt to another person, and the name of the person you gave it to</li>
<li>the reason the security, document of title or receipt is being held </li>
<li>if the security, document of title or receipt is held jointly with another estate agent, the name under which they operate an estate agency business.</li>
</ul>
Deficiencies in a trust account
You must notify us, the agency director and your auditor within three business days of becoming aware of a deficiency in a trust account or trust ledger account.
This notification must include: 
<ul>
<li>the date on which the deficiency occurred </li>
<li>the amount </li>
<li>the reason it occurred </li>
<li>any action taken to restore it. </li>
</ul>
You do not need to notify us if the deficiency was: 
<ul>
<li>accidental, or caused solely by an error by an authorised financial institution, and</li>
<li>rectified within two business days after you became aware of it.</li>
</ul>
Unclaimed money
If you cannot identify the person entitled to trust money, those funds may be considered unclaimed money under the Unclaimed Money Act 2008.
For information on what to do with unclaimed money, visit the <a href="https://www.sro.vic.gov.au/" target="_blank">Victorian State Revenue Office website here</a>.
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