- The Legal Profession Uniform Law and Rules commenced in New South Wales and Victoria on 1 July 2015.
- While most day-to-day requirements for trust accounting are unchanged, there are some key changes that practitioners should be aware of, such as the requirement to provide a receipt whenever trust money is received.
- Practitioners should also be familiar with the transitional arrangements set out in the Uniform Law, including in relation to managed investment schemes.
On 1 July 2015, the Legal Profession Uniform Law (the Uniform Law) and the Legal Profession Uniform General Rules 2015 (the Uniform General Rules) commenced in New South Wales and Victoria. While it is anticipated that for much of the profession it will be ‘business as usual’, some changes will occur.
This article highlights key changes to trust accounting requirements and provides information about transitional provisions relating to practising certificates, legal costs, incorporated and unincorporated legal practices, and managed investment schemes. New provisions in relation to compliance audits and management systems directions are also covered.