Reminder – register your general trust accounts 

19 May 2015

Property, stock and business agents now need to have a unique identifying number (issued by NSW Fair Trading) assigned to each general trust account they maintain. The deadline for you to have this in place is by 30 June 2015.

The unique identifying numbers are generated from the NSW OneGov Trust account registration page. If you are a property agent intending to open a new general trust account, you must also visit this page and follow the prompts. This will issue you with a unique identifying number to take to an approved financial institution to open the account.

If the trust account is held by a corporation, the trust account must be registered using the corporation’s licence number.

Separate trust accounts are exempt from these requirements (ie. separate trust accounts kept on the instructions of a client for the client’s benefit, or kept for the benefit of both a buyer and seller).

Find out more on the NSW Fair Trading Trust accounts page.

Leave a Reply