Importance of Statutory Trust Accounting Software
Statutory Trust Accounting for Tax Accountants in Australia has been largely neglected due to its compliance and audit requirements and hence TrustEasy team decided to design a trust accounting software to keep the tax agents / accountants stay compliant.
Members of Accounting Body (CAANZ, CPA Australia and IPA) must meet certain guidelines if they manage clients money in the Trust Account. For eg. the statutory trust accounting software they use shouldn’t delete recorded transaction and must use of word “Trust” in the bank account name. Up until TrustEasy developed trust accounting software for accountants, there was no statutory trust accounting software for accountants that could verify it.
Tax Practitioners Board (TPB) under TASA requires tax agents to meet certain code of professional conduct. if they are receiving or holding clients’ money in a trust account. for eg, get client tax refunds from the ATO into the trust account and then pay the net refund after deducting their fee for the tax prep work (Fee From Refund).