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Real estate has its own rules: trust accounts, commission structures, and GST treatment that a general accountant won’t necessarily get right the first time. At Clear Tax, we’re accountants who specialise in real estate, working with agents, agencies and rental property managers who want it done properly.
Whether you’re an individual agent lodging your own return or an agency managing trust accounts and payroll for a whole team, we handle the numbers that are specific to your industry.
We work with: PropertyMe · Console Cloud · Xero · MYOB · QuickBooks
The everyday problems that cost real estate agents and agencies money, and how we fix them.
As real estate accountants, we work with agents, principals and rental property managers across Melbourne, Sydney and Adelaide. From trust account reconciliation in PropertyMe or Console Cloud, to commission income and GST, to depreciation schedules for rental properties, we understand the numbers that are unique to real estate.
If you’re registered for GST, or your annual GST turnover is $75,000 or more, GST generally applies to your commission income and you’ll need to report it in your BAS. This also applies to many contractor agents working under an ABN. Referral fees and split commissions need careful treatment, so each party reports the right amount and issues correct tax invoices.
Real estate agents can generally claim expenses directly related to earning their income. Common deductions include car expenses, marketing and advertising, licence and registration renewals, professional development, professional indemnity insurance, and the work-related portion of phone, internet and home office costs. Keeping good records, such as a car logbook and receipts, is key to claiming correctly.
Yes. We reconcile your PropertyMe or Console Cloud trust account against your books, so rent received, disbursed and held always matches. Trust accounts are regulated by each state, through Consumer Affairs Victoria, NSW Fair Trading and Consumer and Business Services in South Australia, and each has its own rules and annual audit requirements. Regular reconciliations help you spot errors early, stay compliant in your state, and make your annual trust account audit far less stressful.
When a commission is split between agents, or a referral fee is paid to another party, each person or business reports only their own share as income. If GST applies, the correct amount must be charged and claimed on each part of the transaction. Getting the paperwork and invoicing right avoids double counting and BAS errors.
A depreciation schedule, prepared by a qualified quantity surveyor, outlines the deductions available for a rental property’s building (capital works) and eligible fixtures and fittings. For residential properties bought after 9 May 2017, individual investors generally can’t claim depreciation on second-hand fixtures and fittings already in the property, but deductions for the building and new items may still apply. Many owners miss out simply because they’ve never had a schedule done. The cost of the schedule itself is also generally tax deductible.
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