this product is unavailable for purchase using a firm account, please log in with a personal account to make this purchase.

Select from any of the filters or enter a search term
Calendar
Calendar

Uniform Law Trust Update – Change to Trust Examination Year

Uniform Law Trust Update – Change to Trust Examination Year

By LIV Compliance Department

Uniform Laws 

0 Comments


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 do I have to lodge in 2016?

There is no requirement for law practices or external examiners to lodge end of trust examination year reporting in 2016.


What is the new trust reporting timetable in 2017?

30 April 2017       

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

15 May 2017*       

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

*There is a significantly reduced timeframe for lodgement of external examiner reports, down to six weeks from the new trust examination year end on 31 March (compared with four months previously, when the trust year ended on 31 October)


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 2017
  • 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 2017, 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 2017 Fact Sheet or email Practitioner Services at online@lsbc.vic.gov.au.


Views expressed on liv.asn.au (Website) are not necessarily endorsed by the Law Institute of Victoria Ltd (LIV).

The information, including statements, opinions, documents and materials contained on the Website (Website Content) is for general information purposes only. The Website Content does not take into account your specific needs, objectives or circumstances, and it is not legal advice or services. Any reliance you place on the Website Content is at your own risk.

To the maximum extent permitted by law, the LIV excludes all liability for any loss or damage of any kind (including special, indirect or consequential loss and including loss of business profits) arising out of or in connection with the Website Content and the use or performance of the Website except to the extent that the loss or damage is directly caused by the LIV’s fraud or wilful misconduct.

Be the first to comment