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Uniform Law Trust Update – Change to Trust Examination Year

Uniform Law Trust Update – Change to Trust Examination Year

By LIV Compliance Department

Uniform Laws 

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What has changed?

To further Uniform Law harmonisation, the Legal Services Council, Victorian Legal Services Board + Commissioner and NSW Legal Services Commissioner have recently agreed that from 2017, the trust reporting period will run from 1 April to 31 March in the following year. 


What is the new trust reporting timetable?

30 April of each year      

Law practices must complete online lodgement of the Law Practice Declaration and Statement of Trust Money (as applicable) by the this date

31 May of each year       

External examiners must complete online lodgement of the External Examiner’s Report by this date.

What can I do to prepare for the changes?

To ensure compliance with the new external examiner reporting timetable, the LIV recommends that law practices:

  • ensure your practice’s trust record keeping remains up-to-date at all times, to facilitate the shorter end-of-year reporting turnaround
  • manage your practice resources to prioritise lodgement of the Law Practice Declaration and Statement of Trust Money (as applicable) as soon as possible after the end of the examination year on 31 March
  • ensure your practice’s external examiner is apprised of the reporting timetable changes, and booked to attend the practice as soon as possible after the end of the examination year on 31 March, so that s/he has sufficient time to examine the trust records and comply with the changed lodgement deadline


More information

Please refer to the Victorian Legal Services Board + Commissioner’s End of Trust Account Audit Year: 31 March 2019 Fact Sheet or email Practitioner Services at online@lsbc.vic.gov.au.


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