Real Estate Industry — Sydney, NSW
Accounting for the real estate industry
We work with sales agents, buyers’ agents, property managers and agency principals to manage compliance obligations, plan commission income and protect personal assets.
Trust account audits — NSW-qualified
Commission income tax planning
Business structure & asset protection
BAS, GST & payroll compliance
What makes real estate accounting different
Real estate professionals carry legal audit obligations, variable income and personal liability that most accountants are not set up to handle.
Trust account audits are a legal requirement under the Property and Stock Agents Act 2002 (NSW). Commission income creates significant tax variability year to year. And operating through a poorly structured arrangement exposes principals and agents to professional indemnity and personal liability risk. Each of these requires specific expertise that a generalist accounting firm may not have.
Trust account auditNSW real estate agencies holding trust money are legally required to have their accounts audited annually by a qualified auditor. Non-compliance carries regulatory consequences from NSW Fair Trading.
Commission income variabilityStrong and quiet market periods create significant tax swings. Without proactive planning, large ATO obligations arrive at the worst time.
Personal liability exposureAgency principals and sole-trader agents carry professional indemnity and contractual liability that must be addressed in their business structure.
GST on commissions and feesSales commissions, management fees, letting fees and lease renewal fees each carry different GST treatment. Incorrect classification is a recurring audit trigger.
Who we work with
Individual agents through to established Sydney agencies
We work with real estate professionals at every stage — from individual agents and property managers to agency principals building or scaling their business.
Sales & Buyers’ Agents
Commission-based agents who need to manage income variability, claim every legitimate deduction and understand whether their employment arrangement is correctly structured for tax.
Agency Principals
Agency owners managing trust account audit obligations, agent commission arrangements, business structure and the personal liability exposure that comes with a licensed real estate business.
Property Managers
Property management professionals handling trust account administration, management fee income and the compliance obligations that come with managing other people’s financial assets.
Services
Accounting built around what the real estate industry actually requires
From mandatory trust account audits to commission tax planning, each service addresses a specific requirement of real estate businesses.
Trust account audits
We are qualified to conduct real estate agency trust account audits under the Property and Stock Agents Act 2002 (NSW). Audits must be completed within three months of the agency’s financial year end.
Non-compliance carries regulatory consequences from NSW Fair Trading. This is a legal obligation, not optional.
Commission income tax planning
PAYG variations, strategic super contributions and timing of deductible expenses to manage the tax implications of variable commission income across good and quiet market periods.
Planning year-round produces better outcomes than addressing it at tax time.
Business structure advice
Structure advice for agents and principals based on income level, personal assets and the liability profile of their work. Asset protection and tax efficiency both factor into the recommendation.
Many real estate professionals also hold investment properties — we advise on how the two interact.
Tax accounting & BAS
GST on commissions and fees, income tax across variable commission income, BAS preparation and all legitimate deductions — vehicle, marketing, professional development, home office and insurance.
Real estate agents have significant deduction opportunities that are frequently underutilised.
Agent & contractor compliance
Classification of agents as employees or contractors, STP payroll reporting, super and PAYG obligations for agency principals managing commission-based relationships.
Commission-sharing arrangements need to be correctly structured for both tax and compliance purposes.
Asset protection
Structure advice to limit personal exposure from professional indemnity claims, contractual liability and other risks inherent in the property industry.
Tailored to your personal assets, income structure and the nature of your work.
Technical obligations
The compliance areas that are specific to the real estate industry
These areas require expertise that goes beyond standard accounting practice.
TRUST AUDIT
Trust Account Audit
Required annually under the Property and Stock Agents Act 2002 (NSW) for agencies holding trust money. Must be conducted by a qualified auditor within three months of financial year end. We hold the required qualifications.
COMMISSION
Variable Income Management
PAYG variations, super contributions and strategic timing of deductions are the tools for managing commission income variability. The right approach depends on your income pattern and asset position.
GST
Commission & Fee GST
Sales commissions, property management fees, letting fees and lease renewal fees each carry different GST treatment. Incorrect classification is an audit risk.
STRUCTURE
Liability & Asset Protection
Professional indemnity exposure, contractual liability and personal asset risk are live for real estate professionals. Structure reviews are a standard part of our onboarding for new real estate clients.
Sydney CBDLevel 45, 680 George St
Why Diagnostic Accounting
We are qualified for trust account audits and understand the real estate industry’s financial complexity.
Trust account audit qualifications are held by relatively few accounting firms. Combined with our expertise in commission income planning and asset protection, this makes Diagnostic Accounting a genuinely specialist option for real estate professionals.
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Real estate industry knowledge
We understand trust account obligations, commission tax planning, agent classification and the liability landscape. You don’t need to explain your industry.
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Qualified for trust account audits
We hold the qualifications required to conduct real estate agency trust account audits under NSW legislation. Not every accounting firm can offer this.
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Asset protection as a priority
Structure and personal asset protection are core parts of our service for real estate clients, particularly for principals and higher-income agents.
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Sydney CBD office
Level 45, 680 George Street. Available in person, phone or video.
First meeting
A structured review of your compliance and tax position.
We use the first meeting to assess your trust account obligations, commission income structure, tax exposure and personal liability. You leave with a clear picture of what needs to be addressed.
- Trust account audit obligations — are you currently meeting your legal requirements?
- Commission income structure — is your tax position being actively managed?
- Business structure — are you appropriately protected from professional liability?
- GST on commissions and fees — is your treatment correct?
- Tax deductions — are you claiming everything available to you?
- We give you an honest assessment with no obligation to proceed.
What clients say
From the people we work with
★★★★★
“Cong has been a game changer in what he has achieved in our property portfolio. Very pleased with the quick service to all our tax needs. Highly recommend and trust his advice.”
★★★★★
“Cong was extremely efficient and quick to reply about my tax return. Very happy with the service I received.”
★★★★★
“Cong is a thorough and extremely professional agent. He is diligent and efficient. Happy to recommend him.”
Common questions
Questions from real estate professionals
Yes. Under the Property and Stock Agents Act 2002 (NSW), agencies holding trust money must have their trust accounts audited annually by an approved auditor. The audit must be completed within three months of the agency’s financial year end. Diagnostic Accounting is qualified to conduct these audits.
Commission income varies significantly year to year. Effective planning involves PAYG variations, strategic super contributions in high-earning years and timing of deductible expenses. Planning year-round produces better outcomes than addressing it at tax time when most options are already closed.
The right structure depends on income level, personal assets, how you engage agents and your growth plans. Key considerations are asset protection from professional indemnity claims, tax efficiency on commission income and scalability. We advise specifically for your situation.
Vehicle costs for client travel and property visits, marketing and advertising, professional development and licensing fees, home office costs, mobile phone and internet, professional indemnity insurance and subscriptions to industry bodies and portals. The specifics depend on whether you’re an employee, contractor or principal.
A PAYG variation adjusts tax withholding to match your expected income rather than treating every pay period as uniform. Super contributions and strategic timing of deductions reduce liability in strong years. We help plan proactively so large ATO obligations don’t arrive unexpectedly.
Sales commissions, property management fees, letting fees and lease renewal fees each carry different GST treatment. Incorrect classification is an audit risk. We manage GST compliance and BAS preparation as part of our ongoing service.
This classification has significant implications for agency principals — super obligations, PAYG withholding and WorkCover all depend on getting it right. We advise principals on their obligations and review commission-based arrangements for correct structuring.
Level 45, 680 George St, Sydney NSW 2000. We work with real estate professionals across Greater Sydney and accommodate phone and video meetings.
Get in touch
Speak with a specialist accountant for the real estate industry.
Call us, email us or complete the enquiry form below. We’ll give you a clear picture of your obligations and where your tax and compliance position can be improved.
