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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 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 This email address is being protected from spambots. You need JavaScript enabled to view it..

ANNUAL REPORTING OBLIGATIONS 1 APRIL TO 31 MARCH

FORM DEADLINE INFO

Annual Declaration Part A

 8 April 2022

Required to be completed by all entities providing legal services including barristers whether or not trust money is held (R71)

 

Annual Declaration Part B

 

22 April 2022

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

Notification 72

22 April 2022

Appointment or termination of an External Examiner (r72)

Self-Assessment Check List

To be provided to the external examiner

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 

External Examiners Report

31 May 2022 

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)

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

4 August 2022

 

To be completed by all legal practices that hold a trust account

 Ad hoc reporting requirements

 EVENT DEADLINE INFO

Notification 77

Within 14 Days

To be completed whan a legal practice including a barrister opens a general, controlled and/or investment trust account

Notification 77(1)(c)

Within 14 Days

Update signatories to an existing trust account

Notification 73

Within 14 Days

To be completed when a legal practice closes a general, controlled and/or investment trust account (including information required under r55(2)

Notification S256(1)(2)

Within 14 Days

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

Unclaimed Trust Money

After two years of dormant ledger accounts

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
 
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Annual Self-Assessed Compliance Check List?

Last modified: 21/07/2022 9:55 AM

Office details

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

Contact

Please note that the Society does not offer legal advice.

A list of lawyers can be found here.

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

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