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 online forms available in the table below.
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 lo@lawsocietynt.asn.au.
ANNUAL REPORTING OBLIGATIONS 1 APRIL TO 31 MARCH
FORM : Annual Declaration Part A
DEADLINE: 10 April 2024
INFO: Required to be completed by all entities providing legal services including barristers whether or not trust money is held (R71)
FORM :Annual Declaration Part B
DEADLINE: 24 April 2024
INFO: Required by all entities that received or held trust money that was required to be deposited into a general trust account in an approved ADI
FORM : Notification 72
DEADLINE: 24 April 2024
INFO: Appointment or termination of an External Examiner (r72)
FORM : Self-Assessment Check List
DEADLINE: To be provided to the external examiner
INFO: Practitioners / practices who have received or held money that was required to be deposited into a general trust account in an approved ADI
This should be completed and provided to your external examiner
FORM : External Examiners Report
DEADLINE: 31 May 2024
INFO: Although it is the Examiner who will submit the report the practitioner is ultimately responsible for ensuring the report is submitted
(Final report to include Annual Declaration Part A, B and the Self-Assessment Check List)
FORM : Annual Declaration – Signatories – Persons authorised to effect withdrawals 1 July (r55(2)(b)
DEADLINE: 2 August 2024
INFO:To be completed by all legal practices that hold a trust account
Ad hoc reporting requirements
FORM : Notification 77
DEADLINE: Within 14 Days
INFO: To be completed when a legal practice including a barrister opens a general, controlled and/or investment trust account
FORM :Notification 77(1)(c)
DEADLINE: Within 14 Days
INFO: Update signatories to an existing trust account
FORM : Notification 73
DEADLINE: Within 14 Days
INFO: To be completed when a legal practice closes a general, controlled and/or investment trust account (including information required under r55(2)
FORM : Notification S256(1)(2)
DEADLINE: Within 14 Days
INFO: To be completed when a legal practice believes on reasonable grounds or becomes aware of irregularities in the practices trust account or ledger accounts or the receipt, recording or disbursement of trust money
FORM : Unclaimed Trust Money
DEADLINE: After two years of dormant ledger accounts
INFO: To be completed by a law practice when the practice has unclaimed money in its trust account which has been held by the practice for over 2 years
- Last Modified: September 30, 2024
- 4:38 pm