New trust year and examiners report 2017
20 September 2016
From 2017 the trust year in both NSW and Victoria will end on 31 March and trust money statements should be lodged by 30 April. External examiners must lodge their reports by 15 May each year. Announcing the changes, Dale Boucher, CEO said: 'The Council and local regulators have taken an important step forward to harmonise the rules in NSW and Victoria'.
In a further step toward harmonisation, the Legal Services Council and local regulators have agreed on a common timetable for the trust accounts year, lodgement of trust money statements and external examiners reports. The new dates come into effect in 2017.
- the trust account year ends on 31 March each year;
- the declaration of trust money made by a law practice should be completed and lodged by 30 April; and
- an external examiner must give a written report of an examination to the designated local regulatory authority by 15 May each year.
From time to time law practices request an extension of time for the lodgement of report. Any such written request is to be dealt with directly and at the discretion of the local regulatory authority. The Legal Services Council may review the practices of participating States in relation to the granting of extensions from time to time.
Last updated:
12 Oct 2022
The Legal Services Council and Commissioner for Uniform Legal Services Regulation acknowledges the Aboriginal and Torres Strait Islander peoples as custodians of Australia and pay their respects to Elders, past and present. We also acknowledge their ongoing connection to land, sea and communities throughout Australia, and their contributions to the lives of all Australians.