<a href="https://www.apartments.com.au/developers/draycon">Draycon Building</a> is nearing completion of Boutique Chevron Island, a 42-apartment development on the northern end of Chevron Island at 17–19 Parneno Street, with a limited-time offer of fully furnished apartments available.

Now more than 90 per cent complete, <a href="https://www.apartments.com.au/buildings/boutique-chevron-island-17-19-parneno-chevron-island-qld-4217">Boutique</a> has been shaped by one of the Gold Coast’s most tightly held island addresses, where riverfront outlooks and walkable access to Surfers Paradise converge.

For Draycon Building Managing Director Howard Dabit, the appeal of the site was immediate.

“I knew it was a good site as soon as I saw it,” Dabit said.

“The position and location on the north end of <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>, the way the river swirls around the site basically from the north to the east, it feels like the site is surrounded by the water. The height that we’ve got and the aspect looking north is beautiful. Eighty per cent of the apartments are looking north so they get that drenching sunlight coming in.”

[smartcode_project:default project_id=89709 project_image_fid=360922]

That northern orientation places the development within a stretch of Chevron Island defined by open river aspects and skyline views, while remaining embedded in the suburb’s established village setting.

Chevron Island has increasingly drawn owner-occupiers seeking centrality without the intensity of high-rise beachfront living. Positioned at the geographical centre of the Gold Coast, the island offers direct access to both the beach and key cultural infrastructure while retaining a neighbourhood-scale character.

Connected by bridge to Surfers Paradise, Chevron Island offers walkable access to beaches, riverfront parklands and a revitalised foreshore boulevard animated by walkers and cyclists throughout the day. The Pacific Ocean is only minutes away, reinforcing the suburb’s dual river-and-surf identity.

At the same time, Thomas Drive forms the spine of the island’s village life, delivering cafés, wine bars, casual dining and everyday services within easy reach. Independent grocers, wellness operators and neighbourhood retailers contribute to a community atmosphere that remains distinct from the vertical scale of the beachfront.

[smartcode_project:default project_id=89709 project_image_fid=360915]

In the opposite direction, the Green Bridge links directly to HOTA – Home of the Arts – placing galleries, performance venues and parklands within walking distance. Weekly markets and major exhibitions draw visitors from across the region, while residents return to a quieter residential pocket at day’s end.

Public transport, including nearby bus routes and the G:link light rail corridor along the coastal spine, strengthens connectivity north and south. Griffith University, the Gold Coast University Hospital precinct and established private schools such as The Southport School are all within a short drive.

Ongoing investment across Surfers Paradise, HOTA and the broader Southport corridor has elevated amenity while preserving Chevron Island’s comparatively low-rise residential character. It is this balance, walkable village atmosphere paired with metropolitan-scale infrastructure, that continues to differentiate the suburb from higher-density beachfront precincts.

Boutique comprises just 42 residences, designed to maximise river and skyline outlooks within this tightly held island setting.

Boutique Chevron Island is slated for completion in April 2026, with prices starting from $1,220,000.

[smartcode_project_cta:default project_id=89709]

Joel Robinson

Draycon Building’s Boutique Chevron Island places 42 residences at the heart of the Gold Coast

Sydney developer <a href="https://www.apartments.com.au/developers/deicorp">Deicorp</a> has secured planning approval for a $300 million residential development in Lindfield, marking the company’s second project on Sydney’s North Shore and its first on the Upper North Shore.

Located on Beaconsfield Parade and designed by DKO Architecture, the state significant development comprises three buildings of up to 10 storeys and will include 399 residences, including 59 affordable homes and 40 adaptable homes.

Residences will range in size from one, two and three bedrooms, with two-bedroom apartments accounting for over 60 per cent of the product make-up. Residents will have access to a broad suite of amenities, including a wellness area, indoor and outdoor recreational spaces, a pool, a gym, a community room and a golf simulator.

In line with Deicorp’s long-standing focus on creating transit-oriented communities, the project is located just 260 metres from the Lindfield Train Station, reinforcing its role in delivering well-connected housing close to established infrastructure, retail and local services.

The inclusion of affordable and adaptable housing supports greater diversity within the local market, while the mix of apartment types responds to demand from downsizers, young professionals and families seeking access to the Upper North Shore.

Deicorp Founder Fouad Deiri OAM said the approval represents an important milestone for both the company and the suburb

“This approval allows us to deliver well-designed homes in a location that is already supported by strong transport and community infrastructure," Deiri said.

"Our focus is on creating places that integrate into their surroundings and provide long-term value for residents, and the broader Lindfield community. Being within walking distance of the station ensures this project supports sustainable growth in the right locations."

Across its portfolio, Deicorp currently has 4,703 apartments under construction, playing a leading role in shaping connected, liveable communities across Sydney.

Its expanding portfolio of Metro-linked developments includes Tallawong Village, <a href="https://www.apartments.com.au/new-apartments/kings-bay-village-five-dock-53-75-queens-road-five-dock-nsw-2046">Kings Bay Village</a> in Five Dock, <a href="https://www.apartments.com.au/new-apartments/hyde-metropolitan-sydney-133-141-liverpool-street-sydney-nsw-2000">Hyde Metropolitan</a> in Sydney CBD, <a href="https://www.apartments.com.au/new-apartments/falcon-alexander-crows-nest-8-alexander-street-crows-nest-nsw-2065">Falcon &amp; Alexander</a> in Crows Nest and Showground Village, Castle Hill.

Deicorp purchased the Beaconsfield Paradise site last year. Construction is scheduled to commence in Q2 of 2026 and will be completed in 2029.

Deicorp expands portfolio to nearly 5,000 apartments with Lindfield project

In a joint venture with The Trump Organization, Australia developer Altus Property Group has announced plans to bring a Trump International Hotel &amp; Tower to the Gold Coast, marking the first Trump-branded project in Australia.

"Trump International Hotel &amp; Tower, Gold Coast is our first official project in Australia and reflects our unwavering commitment to delivering world-class luxury experiences in iconic locations around the world," Eric Trump, Executive Vice President of The Trump Organization, said.

"This development exemplifies the Trump brand’s dedication to quality, sophistication, and unmatched service, and we are thrilled to bring this vision to the vibrant Gold Coast community."

The 91-storey building, which will become the tallest in Australia at 335 metres, will feature a&nbsp;285-room luxury hotel bearing the trademark Trump logo. It will also include 272 luxury residential apartments, a three-level podium with an exclusive Beach Club, and over 3,400 sqm of premium commercial, retail, and dining space, revitalizing the central Surfers Paradise precinct.

“Trump International Hotel &amp; Tower, Gold Coast will be a truly unique offering in the Australian market, bringing the prestige and allure of a world-class luxury brand,"&nbsp;Altus founder and chief executive David Young said.

"Altus Property Group is proud of its track record in delivering landmark developments across Australia, and our expertise ensures this project will be an outstanding success."

Trump Hotel heads for the Gold Coast to become Australia's tallest building

More than a century after the Corrimal Coke Works first opened in 1912, the industrial landmark that helped shape the suburb is being reinterpreted as a walkable residential neighbourhood, with Stage One of <a href="https://www.apartments.com.au/new-apartments/the-works-stage-one-27-railway-street-corrimal-nsw-2518">The Works</a> now underway at 27 Railway Street.

For 102 years, the site was central to <a href="https://www.apartments.com.au/developments/corrimal-nsw-2518">Corrimal</a>’s economic and social identity before operations ceased in 2014. Rather than erasing that legacy, developer Legacy Property has embedded it into the masterplan, retaining and reinterpreting elements such as the iconic 1912 brick chimney and sections of the original C1 Coke Oven Battery, alongside the adaptive reuse of the former powerhouse building.

Stage One will introduce 181 apartments across low-rise buildings, offering predominantly two and three-bedroom residences with completion targeted for mid-2027. The scale and configuration reflect a deliberate focus on owner-occupiers, targeting those seeking a lower-maintenance home in a prime location within the northern suburbs of Wollongong.

[smartcode_project:default project_id=143415 project_image_fid=359833]

Apartments have been designed to maximise natural light and cross-ventilation, with floor-to-ceiling glazing extending living areas onto generous balconies. Engineered timber flooring, induction cooktops and 900mm ovens in larger residences support everyday functionality, while two interior palettes allow buyers to tailor finishes to their preferences. The material selection draws on a restrained coastal language, intended to connect homes to their surroundings rather than compete with them.

The Works forms part of a broader 18-hectare masterplan that will ultimately deliver around 550 dwellings, new parks, and a heritage precinct celebrating the site’s past. More than seven hectares are dedicated to open space, including Southern Park and a Village Green with community gardens and recreation areas. The creek corridor is being rehabilitated with 150,000 native plantings, restoring biodiversity to the site and softening landscape.

[smartcode_project:default project_id=143415 project_image_fid=359841]

Positioned adjacent to Corrimal Station and within walking distance of Corrimal Town Centre, the precinct places daily essentials, rail connections and local retail within easy reach. Wollongong CBD, including the hospital, university and entertainment venues, sits approximately 6.5 kilometres to the south.

For buyers more familiar with North Wollongong, Corrimal offers a different proposition: a well-established coastal suburb framed by beaches to the east and the escarpment to the west, with a strong sense of local identity shaped in part by the former Coke Works. The Works seeks to reinforce that identity by creating a connected, walkable neighbourhood between coast and escarpment, rather than a standalone apartment complex.

Sustainability underpins the development approach. The Works is targeting Wollongong’s first 5-Star Green Star-rated community, with water-sensitive urban design, recycled materials and energy-efficient buildings integrated across the masterplan. For residents, these measures provide not only environmental benefits but also reduced operational costs and future resilience.

[smartcode_project:default project_id=143415 project_image_fid=359842]

With construction commenced and display materials available to view, prospective buyers can now engage more directly with the project’s vision, reviewing floorplans, material selections and the broader masterplan in detail. For many local homeowners weighing a move, the opportunity to experience how heritage, landscape and contemporary design intersect may help bridge the gap between familiarity and the next chapter.

As Stage One progresses toward its mid-2027 completion, The Works represents a significant chapter in Corrimal’s evolution, transforming a site that once powered local industry into a walkable residential precinct designed for its next generation of residents.

[smartcode_project_cta:default project_id=143415]

Legacy Property’s The Works reimagines Corrimal’s century-old Coke Works

When it comes to developing in Melb​ourne's Bayside region, <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> knows exactly what buyers want.

With a longstanding presence in the area and a string of sell-out projects, Lowe Living consistently delivers developments that are as sought-after as their predecessors.

Their latest instalment is in <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a><a href="https://www.apartments.com.au/developments/hampton-east-vic-3188">&nbsp;East,</a> the same postcode where they have previously delivered Hampton Hill and Oceano. The developer-builder recently commenced construction on its newest project,&nbsp;<a href="https://www.apartments.com.au/new-apartments/marella-hampton-31-35-alicia-street-hampton-east-vic-3188">Marella</a>, a collection of 32 apartments just five minutes from the beach.

Site acquisition is paramount to success. Lowe Living rarely brings a building to market that isn’t within walking distance of essential amenities, whether it be the beach, a prominent retail strip, or a train station. Marella is no exception, located at its Alicia Street address, less than a kilometre from the retail heart of Hampton Street and Hampton Station.

[smartcode_project:default project_id=146197 project_image_fid=358495]

Equally important to Lowe Living is the architecture.

For Marella, they appointed <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>, who explains that the architectural vision was to create a contemporary reinterpretation of the Californian bungalow, a style that’s iconic to Hampton’s heritage.

"By borrowing, abstracting, and reinterpreting elements of this quintessential style, such as strong datum lines, articulated columns, exposed structures, and roof tiles, our design strikes a balance between modernity and familiarity," says Cera Stribley.

"This approach ensures that the development is not only visually appealing but also contextually sensitive, resonating with Hampton's existing architectural landscape."

[smartcode_project:default project_id=146197 project_image_fid=358499]

The building features terracotta brick, soft cream masonry, and exposed metal detailing, giving it a tactile presence that is intended to weather gently over time.

Internally, the focus on lasting quality continues, with two and three-bedroom residences anchored by sculptural stone kitchen islands, natural light, and clearly defined transitions between living, dining, and outdoor spaces.

The layouts have been carefully designed. Open-plan zones extend to private balconies, with light-filled interiors and generous kitchen proportions, supported by Miele wall ovens, induction cooktops, and integrated fridge-freezers. These are not small apartments rebranded as luxury; they have been designed at scale, with ample storage, hotel-style entry access, and secure basement parking provided as standard.

[smartcode_project:default project_id=146197 project_image_fid=358492]

At the uppermost level, Marella’s Signature Collection penthouses offer city or bay views, large entertaining terraces (some with outdoor spas), and elevated finishes, including fully wrapped stone kitchen benches and a Liebherr wine fridge.

Flexible room arrangements allow for a fourth bedroom or secondary living space, sought-after by both empty nesters who want the space when family visits and families with older children.

[smartcode_project:default project_id=146197 project_image_fid=358498]

A residents’ lounge on the ground floor reinforces the project’s small-community feel. With a fireplace, private dining area, and adjoining terrace, it’s one of several shared spaces that balance amenity with privacy and scale.

Construction has commenced, with completion expected in early 2027.

[smartcode_project_cta:default project_id=146197]

Lowe Living continues Bayside legacy as Marella rises in Hampton

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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