From 1 July 2019 the time for calculating statutory deposits has changed. Where applicable, law practices now need to perform the calculation on a quarterly rather than annual basis.
The trust accounting requirements are set under the Legal Profession Uniform Law Application Regulation 2015.
The first quarterly period ends on 30 June 2019. Law practices have 20 banking days after the end of each period to perform the calculation and make any adjustments.
The By Lawyers Practice Management Publication provides detailed guidance on trust accounting, including the statutory deposit procedure, to help law practices comply with all trust accounting requirements.