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Countdown to end of trust year

Countdown to end of trust year

By Marco Zanon

Finance 


The Trust accounting year ends this month and under the Uniform Law, Victorian practitioners holding trust money need to take action. We are heading to that time of year where law practices holding trust money need to account for the trust money under their control. Under the Uniform General Rules, rule 54, the designated local regulatory authority (in Victoria, the Legal Services Board and Commissioner) requires a law practice to give the regulator a statement as to whether it has received or held trust money during a specified period and the category to which the trust money, held or received, belongs.

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