Unique Identifying Numbers for General Trust Accounts21-Oct-2014
From 1 January 2015, under the Property Stock and Business Agents Regulation 2014:
• A licensee who opens a general trust account must provide the authorised deposit-taking institution (bank) with a unique identifying number obtained from NSW Fair Trading.• The authorised deposit-taking institution lodges its monthly returns using this unique identifying number.• Licensees maintaining a trust account as at 31 December 2014 have a grace period until 30 June 2015 to comply.
You will be able to access unique identifying numbers for new and existing general trust accounts online through NSW Government Licensing Service (GLS) from 1st January 2015.
- For existing general Trust Accounts, property agents will need to provide their bank with a unique identifying number obtained from GLS for each general trust account before 1st July 2015.
- Before opening a new general trust account with a bank, from 1st January 2015, property agents will need to register their intention to open a general trust account with GLS first. GLS will then issue them with a unique identifying number that they can take to the bank to open the account.
GLS will also notify NSW Fair Trading when a general trust account has been closed and provide the licensee with the form necessary to record the account closure details. The form should be retained by the licensee.
Where do I register online?
From 1st January 2015, the online registration will be available through the GLS site under Services 'Property and Real Estate'.
Contact us now to see how our accounting experts can help.