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Trust accounts June update for members

Thursday, 30 June 2022

Trust accounts June update for members

External examination reports covering 1 April 2021 – 31 March 2022 should now be with the Society.

Statutory deposit calculation for the trust year ended 31 March 2022

Statutory Deposit Calculation forms need to be completed and sent to the Law Society, regardless of whether you need to make a payment or not. Please send via email to lea.mclean@actlawsociety.asn.au. Payment was due by 30 June 2022.

If the calculation shows a refund due, the Society will return funds if you clearly state that you would like the amount refunded, otherwise the money will be held until such time that you have the need for the funds.

Trust Account Statements to your clients

Pursuant to Section 57(6) of the Legal Profession Regulation 2007 a trust account statement must be given:

  1. As soon as practicable after completion of the matter to which the ledger account or record relates; OR
  2. As soon as practicable after the person for whom or on whose behalf the money is held or controlled makes a reasonable request for the statement during the course of the matter; OR
  3. Except as provided by section 57(7), as soon as practicable after 30 June in each year.

Trust Account: authorised signatories

Pursuant to Section 50(2) (b) of the Legal Profession Regulation 2007 a law practice must provide the licensing body written notice of the associates and Australian legal practitioners who are authorised as at 1 July of that year to sign cheques drawn on a general trust account of the practice; or otherwise to effect, direct or give authority for the withdrawal of money from a general trust account of the practice.

You may provide notification by sending a letter to the Society with the relevant names or you can complete the form found on the website.

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