Trust Account and Financial Integrity Policy

Purpose. Sets the rules for receiving, holding and disbursing money held in trust for landlords, tenants, vendors, buyers and body corporate schemes.

1.Purpose

Vantage holds money on behalf of other people: rent, bonds in transit, sale deposits and body corporate levies. That money is never Vantage's. This policy sets the controls that keep trust money separate, accounted for and available, as required by the Property Occupations Act 2014 and the strata legislation.

2.Trust accounts

Vantage will keep separate trust accounts for the sales trust, the rental trust and each body corporate scheme. Trust money must be banked within the time the legislation allows and must never be paid into the general account. Only the Licensee and the nominated trust account signatories are permitted to authorise payments from trust.

3.Receipts and payments

Every receipt must be issued from the trust accounting system at the time money is received. Payments must be supported by an invoice or an instruction on file and approved by the property manager or strata manager responsible and by a signatory. Rent must be disbursed to landlords on the dates in the agency agreement, less authorised fees and invoices.

• Issue a system receipt for every amount received
• Bank trust money in line with the legislation
• Approve every payment against a document on file
• Never disburse money that has not cleared
• Never hold money in trust without a written authority

4.Reconciliation

Each trust account must be reconciled to the bank statement and to the ledgers within the statutory period each month. The Licensee must review and sign each reconciliation. Unpresented items and unidentified deposits older than 30 days must be investigated and resolved.

5.Bonds

Rental bonds must be lodged with the Residential Tenancies Authority within the legal timeframe using the approved form and must never be held in the rental trust beyond that time. Bond refunds at the end of a tenancy must be agreed with the tenant or determined by the Authority or the tribunal.

6.Audit and breaches

The trust accounts will be audited each year by the appointed auditor and the report lodged with the regulator. Any shortfall, unauthorised withdrawal or unexplained variance must be reported to the Licensee immediately and will be treated as a serious matter.