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 |
|
9 April 2021 |
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 |
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Annual Trust Money Statement Form B
|
23 April 2021 |
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 |
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23 April 2021 |
Appointment or termination of an External Examiner (r72) | |
| 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 |
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1 June 2021 |
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) |
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Signatories - Annual Declaration - Persons authorised to effect withdrawals 1 July (r55(2)(b) |
4 August 2021
|
Ad hoc reporting requirements
| EVENT | DEADLINE | INFO |
|
Within 14 Days |
Open a trust account |
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Within 14 Days |
Update signatories to an existing trust account | |
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Within 14 Days |
Closure of general, controlled and/or investment trust accounts (including information required under r55(2) | |
|
Within 14 Days |
Suspected or identified irregularities of trust money | |
|
After two years of dormant ledger accounts |
Application to submit |