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    What are Management Rights?

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    Find out why this lucrative industry offers ‘lifestyle, security and high returns.'

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    Why use Management Rights Experts before buying or selling?

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    Want an honest and straight forward view of the positives and the negatives?

LOOKING FOR A CHANGE OF LIFESTYLE?

Find out why this lucrative industry, offering ‘lifestyle, security and high returns,’ is a unique business opportunity and how you and your family can secure your future, living a quality lifestyle.

Whilst a Management Rights business can offer attractive lifestyle alternatives, the purchase process can be littered with financial and legal pitfalls; this can be daunting for the first time buyer.

Our team of professionals pride themselves in delivering easy to understand layman term information on the industry. Our monthly seminars not only give you the tools to move forward confidently, they give you the professional team that know the pitfalls and how to save you from them.

Many potential owners are investing their life savings into a purchasing Management Rights businesses; the investment of three hours could be the best investment you will make in protecting and increasing your assets.

These events provide an excellent opportunity to personally approach our representatives and all speakers offer complimentary one-on-one interviews to seminar attendees.

UPCOMING EVENTS:

GOLD COAST & BRISBANE SEMINARS

Management Rights Australia (MRA) holds regular information seminars throughout the year for people wishing to buy a management rights business.

Join one of our seminars today and let us help guide you through the Management Rights maze. Bookings are essential.

NSW TRUST ACCOUNT AUDITING REQUIREMENTS

The following people must have their trust accounts audited if they received or held trust money during the financial year ending 30 June 2019:

  • a licensee (corporation or individual);
  • a former licensee (corporation or individual); or
  • a personal representative of a licensee.

In most cases, it is the licensed corporation that receives and is responsible for trust funds. Therefore, a trust account audit must be effectuated by the licensed corporation.

However, if an individual licensee receives and is responsible for trust money, then a trust account audit must be effectuated by the individual licensee.

Who is required to submit an audit?

All trust account audits must now be completed and submitted online by the auditor through the Auditor’s Report Online portal. Licensees will now receive emails from Auditors Report Online as their audit progresses through the various stages.

When must the audit be submitted?

All audits must be submitted to the Secretary within three months after the end of the audit period and no later than 30 September 2019.

If a trust account audit is not submitted by the due date, licensees could be disqualified from holding a licence and possibly prevented from renewing a licence.

Who can conduct the audit?

Auditors must be registered with the Australian Securities and Investments Commission (ASIC) or be qualified under section 115 of the Property Stock and Business Agents Act 2002.

Registered audit companies, authorised company auditors and members of a Professional Accounting Body holding a Public Practising Certificate or Certificate of Public Practice can conduct the audit.

Professional Accounting Body is defined under the Australian Securities and Investments Commission Act 2001 e.g. CPA Australia, the Institute of Chartered Accountants of Australia and the National Institute of Accountants.

Unique Identifying Trust Account Numbers

Another minor change which commenced some time ago but received little exposure at the time was the introduction of a unique identifying number when opening or maintaining a general trust account.

Licensees who open a general trust account are now required to obtain from NSW Fair Trading a unique identifying number and provide it to the authorised deposit-taking institution at the time of making the application. These unique identifying numbers issued by Fair Trading to agents operating general trust accounts are to ensure that banks account for the interest in respect to all these general trust accounts.

Article Written by:  Col Myers of Small Myers Hughes

Liability limited by a scheme approved under Professional Standards Legislation
Disclaimer – This article is provided for information purposes only and should not be regarded as legal advice.

 

 

 

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  • THE ACCOUNTANT'S PERSPECTIVE

    As practicing accountants and CA’s, with over twenty years experience, and heavily involved with this industry, we would like to help guide you through the purchase operation toward eventual sale of these businesses.

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