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Trust account notifications

The Legal Profession Act 2006 requires legal practices that operate a trust account to notify the Society in certain situations. The listed notifications are now online forms available in the table below and in the Members Only section of the Society's website.

The Annual Reporting Obligations online forms will be activated on 1 April each year.

Should you have difficulty completing the online forms or if you are not a member please contact the Licensing Officer on telephone (08) 8981 5104 or email This email address is being protected from spambots. You need JavaScript enabled to view it..

Annual reporting obligations (1 April to 31 March)

EVENT DEADLINE INFO

Annual Declaration Form A

 9 April 2020

Required to be completed by all entities providing legal services (r71)

Should it be required prior to this date, please contact the Trust Account Supervisor

Annual Trust Money Statement Form B

 

23 April 2020

Required by all entities with controlled, invested and trust monies subject to a power (s270)

Should it be required prior to this date, please contact the Trust Account Supervisor

Notification 72

23 April 2020

Appointment or termination of an External Examiner (r72)

Self-Assessment Check List

To be provided to the external examiner

Practitioners / practices who have received entrusted money during the reporting

This should be completed and provided to your external examiner when you engage them

NOTICE: External Examination (EE) Reports

The Society acknowledges the impact that COVID-19 will have on law practices over the coming months. Many law practice offices may be closed as staff are encouraged to work from home in line with social-distancing requirements. It is understood that this is likely to present difficulties for practices in allowing their appointed external examiner the physical access required to highly confidential trust accounting records and related files often kept in law practice offices. These files often cannot be removed from offices and are necessary for external examiners to carry out the annual review required under the Legal Profession Act 2006.

In light of these circumstances, the Council of the Society has adopted a policy that it will not take regulatory action in relation to law practices which submit their EE report by 1 September 2020, being within 3 months of the due date of 1 June 2020. Law practices are encouraged to comply with the current due date where possible but this concession is effective immediately and will be subject to review as the COVID-19 situation develops.

External Examiners Report

1 June 2020 
1 September 2020

 

In the normal course of business it is the Examiner, because it is their report who will submit the report. However it is the practitioner who is ultimately responsible to ensure the report is submitted.

(Final report to include Annual Declaration Part A, B and the Self-Assessment Check List)

Signatories - Annual Declaration - Persons authorised to effect withdrawals 1 July (r55(2)(b)

4 August 2020

 

 

 Ad hoc reporting requirements

 EVENT DEADLINE INFO

Notification 77

Within 14 Days

Open a trust account

Notification 77(1)(c)

Within 14 Days

Update signatories to an existing trust account

Notification 73

Within 14 Days

Closure of general, controlled and/or investment trust accounts (including information required under r55(2)

Notification S256(1)(2)

Within 14 Days

Suspected or identified irregularities of trust money

Unclaimed trust money

After two years of dormant ledger accounts

Application to submit
 
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Annual Self-Assessed Compliance Check List?

Last modified: 29/09/2020 3:27 PM

Office details

Office: 3/6 Lindsay St. Darwin NT 0800
Post: GPO Box 2388 Darwin NT 0801
ABN: 62 208 314 893

Contact

Telephone: (08) 8981 5104
Email: lawsoc@lawsocietynt.asn.au

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