The NSW Parliament has passed legislation to change the timing of statutory deposits under the Legal Profession Uniform Law Application Regulation 2015.
Prior to the changes, Law Practices were required to calculate on an annual basis the requirement to make a statutory deposit and if applicable make a deposit into the solicitors statutory deposit fund.
With the changes under the Legal Profession Uniform Law Application Regulation 2015, Law practices now need to perform the calculation on a quarterly rather than annual basis.
Law practices will have only 20 banking days after the end of each ‘applicable period’ to perform the calculation and make any adjustments. Each ‘applicable period’ being the 3 months periods ending on 31 March, 30 June, 30 September and 31 December each year.
Noting that the first quarterly period under the amended Regulation ended on 30 June 2019 and therefore Law practices should be aware that they have a new obligation to calculate and if applicable, deposit additional funds into the statutory trust account on or by Friday 26 July 2019.
The Trust Accounts Department is also available to respond to any queries on (02) 99260337 or at [email protected]
If you require further assistance in relation to Statutory Deposits, you are welcome to contact our team of experienced taxation and commercial lawyers by clicking here to submit an online enquiry form or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange a teleconference or appointment.