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In the world of legal practice, trust isn’t just for building strong relationships. It also takes on a literal meaning when handling money on behalf of clients.

The responsibility of managing a trust account is a critical component of a principal’s role and brings with it a number of obligations, including the requirement to annually submit a Part A and a Part B, if applicable.

The Trust Account Department has launched the Trust Lodgement Portal, within LawID to streamline and enhance the process of complying with your annual obligation to:

  • lodge a Confirmation of Trust Money (known as a Part A) by 30 April 2024 in accordance with your obligations under rule 54 of the Uniform Rules, regardless of whether trust money was held or received; and if applicable
  • lodge a Statement of Trust Money (known as a Part B) by 31 May 2024 if you held or received trust money during the period 1 April 2023 to 31 March 2024; and
  • ensure an External Examiner’s Report is completed by a designated External Examiner by 31 May 2024, in accordance with your obligations under Section 155 of the Uniform Law.

What’s new in 2024

We have developed a number of resources to support principals comply with their trust obligations, including:

  • An eLearning Module providing step-by-step guidance on how to appoint a trust coordinator, complete a Part A and complete a Part B, which can be accessed through LawInform
  • A Webinar providing:
    • an overview of the common navigation buttons within the portal
    • an overview on how to appoint a trust coordinator and authorised trust account, and some tips and tricks on how to the complete the Part A and B, if applicable.

This Webinar can be accessed through LawInform.

In the Part B, we included two new optional questions, that we would appreciate your input:

  • What is the estimated cost of your external examination?
  • What date did you provide all of your records to your external examiner?

Key Dates for your Diary

  • 30 April – Submit your Confirmation of Trust Money (commonly known as Part A) within the Trust Lodgement Portal. This is required regardless of whether trust money was held or received during the period 1 April 2022 to 31 March 2023.
  • 1 May – Ensure your external examiner has activated their LawID to facilitate access to the Trust Lodgement Portal
  • 31 May – Submit your Statement of Trust Money (commonly known as Part B) within the Trust Lodgement Portal. This is required if you have held or received trust money (other than PEXA power money, written direction money or transit money) during the period 1 April 2022 to 31 March 2023.
  • 31 May – Ensure your external examiner has submitted your External Examiner Report (commonly known as the EER) within the Trust Lodgement Portal.

Your feedback to the Chief Trust Account Investigator at [email protected] or (02) 9926 0337 is incredibly valuable.