Trustpak - Australia Compliance Matrix

Pleate Note: The following information is a guide to show what rules and sub rules of the Trust Account Regulations Trustpak complies with, some of the items are dependent on the User and this is stated as "User Responsible"



SOURCE: New South Wales Consolidated Regulations - LEGAL PROFESSION UNIFORM GENERAL RULES 2015
CHAPTER: 4 - BUSINESS PRACTICE AND PROFESSIONAL CONDUCT

Date Checked: 1st Oct 2016

NOTE: This information is NOT to be used as a reference to Government Trust Account Regulations it is meant only as a guide to show you which part of the regulations Trustpak is compliant with, we cannot guarantee the accuracy of this information beyond the "Date Checked" however we will do our best to keep this matrix up to date. Please note it is the responsibility of each user to make sure they are compliant with the regulations. The information provided here is intended to help with that process.

Note: In New South Wales and Victoria, lawyers and law practices are subject to the same framework of Legal Profession Uniform Rules made by the Legal Services Council.

Rule
Sub Rule
Description
Compliance
Notes




Division 2 - Trust money and trust accounts


35.


Maintenance of general trust account


(1)
- (a)
- (b)

A general trust account established in a jurisdiction
must be established with an authorised ADI, and
must include in its name the name of the law practice or the business name under which the law practice engages in legal practice, and the expression "law practice trust account" or "law practice trust a/c".


User Responsible
User Responsible

36.


Receipting of trust money


(1)
- (a)
- (b)

(2)
- (a)
- (b)
- (c)
- (d)
- (e)
- (f)

- (g)
- (h)

- (i)
(3)


(4)

(5)
(6)
(7)

A law practice must make out a receipt as soon as practicable:
after trust money is received, or
in the case of trust money received by direct deposit, after the law practice receives or accesses notice or confirmation of the deposit from the ADI concerned.
The receipt must contain the following particulars:
the date the receipt is made out and, if different, the date of receipt of the money
the number of the receipt,
the amount of money received,
the form in which the money was received,
the name of the person from whom the money was received
details clearly identifying the name of the client in respect of whom the money was received and the matter description and matter reference,
particulars sufficient to identify the reason for which the money was received,
the name of the law practice or the business name under which the law practice engages in legal practice and the expression "trust account" or "trust a/c"
the name of the person who made out the receipt.
The receipt must be made out in duplicate unless, when the receipt is made out the particulars referred to in subrule (2) are recorded by a computerised accounting system in the trust account receipts cash book.
The receipt must be given, on request, to the person from whom the trust money was received.
Receipts must be consecutively numbered and issued in consecutive sequence.
If a receipt is cancelled, the original receipt must be kept.
This rule does not apply to controlled money.


User Responsible
User Responsible


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant


Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
























Trustpak uses holding accounts to deal with controlled money

37.


Deposit records for trust money


(1)


(2)
- (a)
- (b)
- (c)
- (d)
--- (i)
--- (ii)
--- (iii)
(3)
(4)

If a law practice receives trust money that is required to be paid into a general trust account and the money is not paid into a general trust account by direct deposit, a deposit record must be produced to the ADI at the time the deposit is made.
The following particulars must be recorded on the deposit record:
the date of the deposit,
the amount of the deposit,
whether the deposit consists of cheques or cash (and the amount of each),
for each cheque:
the name of the drawer of the cheque, and
the name and branch (or BSB number) of the ADI on which the cheque is drawn, and
the amount of the cheque.
The deposit record must be made out in duplicate.
The duplicate deposit record must be kept for each deposit to the general trust account and must be kept in a deposit book or be otherwise securely filed in the order in which the deposits were made.

Trustpak Compliant



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Deposit Slip











Duplicate in database

38.


Computerised accounting systems-copies of trust records


(1)

(2)

- (a)

- (b)
- (c)

- (d)

(3)
- (a)

- (b)

(4)

This rule applies if a law practice maintains trust records by means of a computerised accounting system.
A law practice must maintain and keep, in printed form or in readable and printable form, the following copies of trust records:
a copy of trust account receipts and payments cash books as at the end of each named month,
a copy of reconciliation statements as at the end of each named month,
a copy of lists of trust account ledgers and their balances as at the end of each named month,
a copy of lists of controlled money accounts and their balances as at the end of each named month.
A law practice must:
print a paper copy of trust ledger accounts, the register of controlled money and the trust account transfer journal before they are deleted from the system, and
on request by an investigator appointed under Chapter 7 of the Uniform Law, provide to the investigator a printed copy of trust ledger account and controlled money account details.
The copies of trust records as at the end of a named month under subrule (2) must be prepared within 15 working days after the named month.

-

Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant


Trustpak Compliant

User Responsible

User Responsible











39.


Computerised accounting systems-chronological record of information to be made


(1)

(2)


- (a)
- (b)
- (c)
- (d)
- (e)

This rule applies if a law practice maintains trust records by means of a computerised accounting system.
A law practice must maintain and keep a record, compiled in chronological sequence, of the creation, amendment or deletion of information in its computerised accounting system in relation to each of the following:
client name,
client address,
matter reference,
matter description,
ledger account number or other descriptor.

-

Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant











40.


Computerised accounting systems-requirements regarding systems


(1)

(2)
- (a)




- (b)
--- (i)
--- (ii)
- (c)

- (d)

- (e)


- (f)

This rule applies if a law practice maintains trust records by means of a computerised accounting system.
A law practice must ensure that:
its computerised accounting system is not capable of accepting, in respect of a trust ledger account, the entry of a transaction resulting in a debit balance to the account, unless a contemporaneous record of the transaction is made in a manner that enables the production in a permanent form, on demand, of a separate chronological report of all occurrences of that kind, and
the system is not capable of deleting a trust ledger unless:
the balance of the account is zero and all outstanding cheques have been presented, and
when the account is deleted, a copy of the account is kept in a permanent form, and
any entry in a record produced in a permanent form appears in chronological sequence, and
each page of each printed or printable record is numbered sequentially or is printed or printable in such a way that no page can be extracted, and
its computerised accounting system is not capable of amending the particulars of a transaction already recorded otherwise than by a transaction separately recorded that makes the amendment, and
its computerised accounting system requires input in every field of a data entry screen intended to receive information required by these Rules to be included in trust records.

-


Trustpak Compliant




Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant

Trustpak Compliant


Trustpak Compliant














41.


Computerised accounting systems-back-ups


(1)

(2)
- (a)

- (b)
- (c)

This rule applies if a law practice maintains trust records by means of a computerised accounting system.
For the purposes of section 147 of the Uniform Law, a law practice must ensure that:
a back-up copy of all records required under the Uniform Law and these Rules is made at least once each month, and
each back-up copy is kept by the law practice, and
a complete set of back-up copies is kept in a separate location so that any incident that may adversely affect the records would not also affect the back-up copy.




User Responsible

User Responsible
User Responsible







Trustpak allows off-site Backup to Google Drive



42.


Withdrawal of trust money for payment of legal costs

User Responsible


(1)




(2)

(3)

- (a)

- (b)



--- (i)
--- (ii)

- (c)
(4)

- (a)

- (b)
--- (i)
--- (ii)

(5)
- (a)

- (b)
--- (i)
--- (ii)

(6)


- (a)

- (b)

- (c)

(7)
- (a)

--- (i)
--- (ii)


- (b)
--- (i)
--- (ii)


(8)

This rule prescribes, for the purposes of Division 2 of Part 4.2 of the Uniform Law (see section 144 (2) (b) of that Law), the procedure for the withdrawal of trust money held in a general trust account or controlled money account of a law practice for payment of legal costs owing to the law practice by the person for whom the trust money was paid into the account.
The trust money may be withdrawn in accordance with the procedure set out in any applicable subrule of this rule.
The law practice may withdraw the trust money if the law practice has given the person a bill relating to the money and referring to the proposed withdrawal, and:
if the person does not, at the end of the period of 7 business days after the person was given the bill, object to the amount specified in the bill, or
if the person objects to the amount specified in the bill within the period of 7 business days after being given the bill but has not referred the matter to the designated local regulatory authority or for costs assessment, and the period of 30 days after the later of the following dates has expired:
the date on which the person was given the bill,
the date on which the person received an itemised bill following a request made in accordance with section 187 of the Uniform Law, or
if the money otherwise becomes legally payable.
The law practice may withdraw the trust money (whether or not the law practice has given the person a bill relating to the money):
if the money is withdrawn in accordance with instructions that have been received by the law practice and that authorise the withdrawal, and
if, before effecting the withdrawal, the law practice gives or sends to the person:
a request for payment, referring to the proposed withdrawal, or
a written notice of withdrawal.
Note : See also subrule (7), which relates to subrule (4).
The law practice may withdraw the trust money:
if the money is owed to the law practice by way of reimbursement of money already paid by the law practice on behalf of the person, and
if, before effecting the withdrawal, the law practice gives or sends to the person:
a request for payment, referring to the proposed withdrawal, or
a written notice of withdrawal.
Note : See also subrule (8), which relates to subrule (5).
If the law practice has given the person who is a commercial or government client a bill specifying the amount payable by the person for legal costs, the law practice may withdraw the money so long as:
the money is withdrawn in accordance with a costs agreement between the law practice and the person, and
the costs agreement complies with the legislation under which it is made and authorises the withdrawal, and
before effecting the withdrawal, the law practice gives or sends to the person a request for payment, referring to the proposed withdrawal.
In relation to subrule (4):
if the authorisation referred to in subrule (4) (a) authorises withdrawal of part only of the money:
the law practice may withdraw the money to that extent only, and
if the law practice has given the person a bill relating to the money as referred to in subrule (3) (a)-subrule (3) (b) (i) and (ii) are taken to apply to the remaining part of the amount specified in the bill, and
instructions referred to in subrule (4):
if given in writing, must be kept as a permanent record, or
if not given in writing, must be confirmed in writing either before, or not later than 5 working days after, the law practice effects the withdrawal and a copy must be kept as a permanent record.
For the purposes of subrule (5), money is taken to have been paid by the law practice on behalf of the person when the relevant account of the law practice has been debited.
Note : Rule 73 provides for the giving of bills.



















43.


Method of payment


(1)

- (a)

- (b)
- (c)
--- (i)

--- (ii)
(2)

- (a)
- (b)
--- (i)
--- (ii)

--- (iii)
(3)
- (a)


- (b)

(4)
- (a)
- (b)
- (c)


- (d)

- (e)


- (f)
- (g)
(5)

If a withdrawal of trust money from a general trust account of a law practice is made by cheque, the cheque:
must be made payable to or to the order of a specified person or persons and must not be made payable to bearer or to cash, and
must be crossed "not negotiable" and
must include:
the name of the law practice or the business name under which the law practice engages in legal practice, and
the expression "law practice trust account" or "law practice trust a/c".
A cheque must be signed by, or an electronic funds transfer must be effected under, the direction or authority of:
an authorised principal of the law practice, or
if such a principal is not available:
an authorised legal practitioner associate, or
an authorised Australian legal practitioner who holds an Australian practising certificate authorising the receipt of trust money, or
two or more authorised associates jointly.
A written record of the required particulars:
must be kept of each payment made by cheque or electronic funds transfer, unless those particulars are recorded by a computerised accounting system in the trust account payments cash book at the time the cheque is issued or the transfer is effected, and
must be kept in a way that is sufficient to enable the accuracy of the particulars recorded by the computerised accounting system to be verified.
For the purposes of subrule (3), the
the date and number of the cheque or electronic funds transfer,
the amount ordered to be paid by the cheque or electronic funds transfer,
in the case of a cheque, the name of the person to whom the payment is to be made or, if the cheque is made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
in the case of an electronic funds transfer, the name and number of the account to which the amount was transferred and relevant BSB number,
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference, or in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
details clearly identifying the ledger account to be debited,
particulars sufficient to identify the reason for the payment.
Written records relating to payments by cheque or electronic funds transfer (including cheque or transfer requisitions) must be kept in the order in which the cheques or transfers were issued or effected.



User Respomsible



Trustpak Compliant

Trustpak Compliant
User Responsible








Trustpak Compliant


Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant

Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant











44.


Trust account receipts cash books


(1)


- (a)

- (b)
- (c)
- (d)
- (e)
- (f)

- (g)
- (h)
(2)

(3)

A law practice that maintains a general trust account must keep a trust account receipts cash book in which the following particulars must be recorded in respect of each receipt of trust money:
the date a receipt was made out for the money and, if different, the date of receipt of the money,
the receipt number,
the amount of money received,
the form in which the money was received,
the name of the person from whom the money was received,
details clearly identifying the name of the client in respect of whom the money was received and the matter description and matter reference,
particulars sufficient to identify the reason for which the money was received,
details clearly identifying the ledger account to be credited.
The date and amount of each deposit in the general trust account must be recorded in the trust account receipts cash book.
The particulars in respect of receipts must be recorded in the order in which the receipts are made out and must be recorded within 5 working days of the receipt being made out.




Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant

















45.


Trust account payments cash book


(1)


- (a)
- (b)
- (c)


- (d)
--- (i)

--- (ii)


- (g)

- (h)
(2)
- (a)
- (b)

A law practice that maintains a general trust account must keep a trust account payments cash book in which the following particulars are recorded in respect of each payment of trust money:
the date and number of the cheque or electronic funds transfer,
the amount ordered to be paid by the cheque or the amount transferred,
in the case of a cheque, the name of the person to whom the payment is to be made or, if the cheque is made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
in the case of an electronic funds transfer:
the name and number of the account to which the amount was transferred and the relevant BSB number, and
the name of the person to whom the payment was made or, in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
details clearly identifying the name of the person on whose behalf the payment was made, the matter description and the appropriate ledger reference,
particulars sufficient to identify the reason for payment.
The particulars in respect of payments must be recorded:
in the order in which the payments are made, and
within 5 working days of the day the payment was made.




Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant
Trustpak Compliant

Trustpak Compliant


Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

















46.


Journal transfers


(1)



- (a)

--- (i)
--- (ii)

--- (iii)
- (b)
(2)

(3)

- (a)
- (b)


- (c)


- (d)
- (e)
(4)
(5)

Trust money may be transferred by journal entry from one trust ledger account in a law practice's trust ledger to another trust ledger account in the trust ledger, but only if the law practice is entitled to withdraw the money and pay it to the other trust ledger account and:
the transfer is authorised in writing by an authorised principal of the law practice or if such a principal is not available:
an authorised legal practitioner associate of the law practice, or
an authorised Australian legal practitioner who holds an Australian practising certificate authorising the receipt of trust money, or
two or more authorised associates jointly, or
the transfer is authorised in writing by an external intervener for the law practice.
A law practice must keep a trust account transfer journal if it transfers trust money by journal entry.
The following particulars must be recorded in the trust account transfer journal in respect of each transfer of trust money by journal entry:
the date of the transfer,
the trust ledger account from which the money is transferred (including the appropriate ledger reference, the name of the person on whose behalf the transfer was made and the matter description),
the trust ledger account to which the money is transferred (including the appropriate ledger reference, the name of the person on whose behalf the transfer was made and the matter description),
the amount transferred,
particulars sufficient to identify the reason for the transfer.
Journal pages or entries must be consecutively numbered.
A law practice must keep particulars of the authorisation for each transfer of trust money by journal entry, whether in the trust account transfer journal or in some other way.

User Respomsible



User Respomsible

User Respomsible
User Responsible

User Responsible
User Responsible
Trustpak Compliant



Trustpak Compliant
Trustpak Compliant


Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant











47.


Recording transactions in trust ledger accounts



(1)


(2)

- (a)
- (b)
- (c)

(3)

- (a)
- (b)
- (c)
- (d)
- (e)
--- (i)

--- (ii)


--- (iii)

--- (iv)

(4)
- (a)
- (b)

(5)

A law practice that maintains a general trust account must keep a trust account ledger containing separate trust ledger accounts in relation to each person in each matter for which trust money has been received by the practice.
The following particulars must be recorded, and kept up to date, in the title of a trust ledger account:
the name of the person for or on behalf of whom the trust money was paid,
the person's address,
particulars sufficient to identify the matter in relation to which the trust money was received.
The following particulars must be recorded for each transaction in the trust ledger account:
the date of the transaction,
the appropriate reference number and transaction type,
particulars sufficient to identify the reason for the transaction,
the amount of money in the transaction,
if the transaction type is:
a receipt-the provider of the amount and the date the amount was received if that date is different from the date of receipt,
a payment by cheque-the payee or, in the case of a cheque made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
a payment by electronic funds transfer-the account name and number and the relevant BSB number of the ADI and the name of the person receiving the benefit of the payment,
a journal entry-the appropriate ledger reference, the name of the person on whose behalf the transfer was made and the matter description.
Transactions relating to trust money must be recorded in the trust ledger account:
in the order in which the transactions occur, and
within 5 working days of the day the receipt was made out, the payment was made or the transfer was effected, as the case requires.
The trust ledger account balance is to be recorded in the trust ledger account after each receipt, payment or transfer of trust money.






Trustpak Compliant
Trustpak Compliant
Trustpak Compliant



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant

Trustpak Compliant


Trustpak Compliant

Trustpak Compliant


User Responsible
User Responsible

Trustpak Compliant











48.


Reconciliation of trust records



(1)

(2)

- (a)
--- (i)

--- (ii)
- (b)
--- (i)

--- (ii)


--- (iii)
(3)

(4)

A law practice that maintains one or more general trust accounts must reconcile the trust records relating to each account.
The trust records relating to a general trust account are to be reconciled as at the end of each named month by preparing:
a statement:
reconciling the general trust account balance as shown in ADI records with the balance of the practice's trust account cash books, and
showing the date the statement was prepared, and
a statement:
reconciling the balance of the trust ledger accounts with the balance of the practice's trust account cash books, and
containing a list of the practice's trust ledger accounts showing the name, identifying reference and balance of each and a short description of the matter to which each relates, and
showing the date the statement was prepared.
The statements must be prepared within 15 working days after the end of the month concerned.
The statements must be kept by the law practice.






Trustpak Compliant

Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
User Responsible

Trustpak Compliant


















Trustpak saves a copy of the reconciliation

49.


Trust ledger account in name of law practice or legal practitioner associate



(1)

(2)
- (a)


- (b)


(3)



(4)

A law practice must not maintain a trust ledger account in the name of the practice or a legal practitioner associate of the practice except as authorised by this rule.
A law practice may maintain in its trust ledger:
a trust ledger account in the practice’s name, but only for the purpose of aggregating in the account, by transfer from other accounts in the trust ledger, money properly due to the practice for legal costs, and
a trust ledger account in a legal practitioner associate’s name, but only in respect of money in which the associate has a personal and beneficial interest as a vendor, purchaser, lessor or lessee or in another similar capacity.
In a case to which subrule (2) (a) applies, the law practice must ensure that the money in the trust ledger account is withdrawn from the general trust account not later than one month after the day on which the money was transferred to the trust ledger account.
In a case to which subrule (2) (b) applies, the law practice must ensure that the money in the trust ledger account is withdrawn from the general trust account at the conclusion of the matter to which the money relates.




Trustpak Compliant


Trustpak Compliant


User Responsible



Trustpak Compliant












50.


Notification requirements regarding general trust accounts

User Responsible

All sub rules are user responsible

51.


Law practice closing down, closing office or ceasing to receive or hold trust money

User Responsible

All sub rules are user responsible

52.


Trust account statements



(1)


(2)
- (a)
- (b)
- (c)

(3)
- (a)

- (b)
(4)
- (a)

- (b)


- (c)
(5)


- (a)

- (b)


(6)



- (a)
- (b)

A law practice must give a trust account statement to each person for whom or on whose behalf trust money (other than transit money and written direction money) is held or controlled by the law practice or an associate of the practice.
Where relevant, the law practice must give the person a separate statement for:
each trust ledger account, and
each record of controlled money movements, and
each record of dealings with the money that is the subject of a power to which the law practice or an associate of the law practice is a party.
A trust account statement is to contain particulars of:
all the information required to be kept under the Uniform Law or these Rules in relation to the trust money included in the relevant ledger account or record, and
the remaining balance (if any) of the money.
A trust account statement is to be given:
as soon as practicable after completion of the matter to which the ledger account or record relates, and
as soon as practicable after the person for whom or on whose behalf the money is held or controlled makes a reasonable request for the statement during the course of the matter, and
except as provided by subrule (5) or (6), as soon as practicable after 30 June in each year.
The law practice is not required to give a trust account statement under subrule (4) (c) in respect of a ledger account or record if at 30 June the balance of the ledger account or record is zero and:
no transaction affecting the ledger account or record has taken place within the previous 12 months, or
a trust account statement has been furnished within the previous 12 months and no transaction affecting the ledger account or record has taken place since the last statement was furnished.
Without limiting subrule (5), the law practice is not required to give a trust account statement under subrule (4) (c) in respect of a ledger account or record kept in a jurisdiction if at 30 June immediately before the commencement day for that jurisdiction:
the ledger account or record has been open for less than 6 months, or
a trust account statement has been furnished within the previous 12 months and there has been no subsequent transaction affecting the ledger account or record,
but this subrule expires immediately before the first anniversary of that commencement day.
The law practice must keep a copy of a trust account statement given under this rule.





Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant

Trustpak Compliant

User Responsible

User Responsible


User Responsible



User Responsible

User Responsible






User Responsible
User Responsible



User Responsible












53.


Trust account statements for commercial or government clients

User Responsible

All sub rules are user responsible

54.


Statements regarding receipt or holding of trust money

User Responsible

All sub rules are user responsible

55.


Trust money subject to specific powers

User Responsible

All sub rules are user responsible

56.


Authority to receive trust money

User Responsible

All sub rules are user responsible

57.


Disclosure of accounts used to hold money

User Responsible

All sub rules are user responsible

58.


When, how and where money is received

User Responsible

All sub rules are user responsible

59.


Register of investments



(1)


- (a)
- (b)
- (c)
- (d)
- (e)
- (f)
- (g)
- (h)
- (i)
- (j)
(2)

If a law practice invests trust money for or on behalf of a client, the law practice must maintain a register of investments of trust money that records the following information in relation to each investment:
the name in which the investment is held,
the name of the person on whose behalf the investment is made,
the person's address,
particulars sufficient to identify the investment,
the amount invested,
the date the investment was made,
particulars sufficient to identify the source of the investment,
details of any documents evidencing the investment,
details of any interest received from the investment or credited directly to the investment,
details of the repayment of the investment and any interest, on maturity or otherwise.
This rule does not require particulars to be recorded in the register if the particulars are required to be recorded elsewhere by another rule.




Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant












60.


Register of powers and estates in relation to trust money

User Responsible

All sub rules are user responsible

Rule
Sub Rule
Description
Compliance
Notes




Division 3 - Controlled money


61.


Maintenance of controlled money account



(1)

- (a)
- (b)
- (c)

A controlled money account must be maintained under an account name that includes the following particulars:
the name of the law practice concerned,
the expression "controlled money account" or the abbreviation "CMA" or "CMA/c",
particulars that are sufficient to identify the purpose of the account and to distinguish the account from any other account maintained by the law practice.



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant





62.


Receipt of controlled money



(1)


(2)


(3)

(4)


- (a)
- (b)
- (c)
- (d)
- (e)

- (f)
- (g)

- (h)
- (i)
- (j)
(2)

If a law practice receives controlled money, it must operate a single controlled money receipt system for the receipt of controlled money for all its controlled money accounts.
A law practice must make out a receipt as soon as possible after receiving controlled money or, in relation to a direct deposit, after receiving notice or confirmation of the deposit from the relevant ADI.
On request from the person from whom controlled money is received, the law practice must give that person a copy of the receipt.
The receipt must be made out in duplicate, unless at the time the receipt is made out those particulars are recorded by a computerised accounting system in the register of controlled money, and must contain the following particulars:
the date the receipt is made out and, if different, the date of receipt of the money
the amount of money received,
the form in which the money was received,
the name of the person from whom the money was received
details clearly identifying the name of the client in respect of whom the money was received and the matter description and matter reference,
particulars sufficient to identify the reason for which the money was received,
the name of the law practice, or the business name under which the law practice engages in legal practice, and the expression "controlled money receipt",
the name of the person who made out the receipt.
the number of the receipt,
This rule does not require particulars to be recorded in the register if the particulars are required to be recorded elsewhere by another rule.

Trustpak Compliant


User Responsible


User Responsible

Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant












63.


Withdrawal of controlled money from controlled money account



(1)


(2)

- (a)
- (b)
--- (i)

--- (ii)


--- (iii)
(3)
(4)



(5)
- (a)
- (b)
- (c)


- (d)

- (e)

- (f)
- (g)
(6)

Despite any directions to the contrary, a law practice must not withdraw controlled money from a controlled money account otherwise than by cheque or electronic funds transfer.
A withdrawal of money from a controlled money account of a law practice must be effected by, under the direction of or with the authority of:
an authorised principal of the law practice, or
if such a principal is not available:
a legal practitioner associate authorised by the law practice to effect, direct or give authority for this purpose, or
an Australian legal practitioner who holds an Australian practising certificate authorising the receipt of trust money and who is authorised by the law practice to effect, direct or give authority for this purpose, or
two or more associates of the law practice jointly.
A written record of the required particulars must be kept of each withdrawal.
If, at the time the withdrawal is made, the required particulars are recorded by a computerised accounting system, a written record must be kept that is sufficient to enable the accuracy of the particulars recorded by the computerised accounting system to be verified.
For the purposes of this rule, the "required particulars" are as follows:
the date and number of the transaction,
the amount withdrawn,
in the case of a withdrawal by cheque, the name of the person to whom payment is to be made or, if the cheque is made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
in the case of a withdrawal by electronic funds transfer, the name and number of the account to which the amount was transferred and the relevant BSB number,
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference,
particulars sufficient to identify the reason for which the payment was made,
the person or persons effecting, directing or authorising the withdrawal.
The particulars are to be recorded in the order in which the withdrawals are made and are to be recorded separately for each controlled money account.

Trustpak Compliant


User Responsible

User Responsible

User Responsible

User Responsible


User Responsible
Trustpak Compliant
Trustpak Compliant




Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant












64.


Register of controlled money



(1)


(2)

(3)

- (a)
- (b)
- (c)
- (d)
(4)

- (a)
- (b)
- (c)
- (d)
- (e)
- (f)
- (g)
- (h)

(5)


(6)

(7)


(8)

- (a)
--- (i)
--- (ii)

--- (iii)
- (b)
(9)

If a law practice receives controlled money, it must maintain a register of controlled money for the records of controlled money movements for all its controlled money accounts.
A separate record of controlled money movements must be maintained for each controlled money account.
A record of controlled money movements for a controlled money account must record the following information:
the name of the person on whose behalf the controlled money is held,
the person's address,
particulars sufficient to identify the matter,
any changes to the information referred to in paragraphs (a)-(c).
The following particulars must be recorded in a record of controlled money movements for a controlled money account:
the date the controlled money was received,
the number of the receipt,
the date the money was deposited in the controlled money account,
the name of and other details clearly identifying the controlled money account,
the amount of controlled money deposited,
details of the deposit sufficient to identify the deposit,
interest received,
details of any payments from the controlled money account, including the particulars required to be recorded under these Rules.
Subject to subrule (6), particulars of receipts and payments must be entered in the register as soon as practicable after the controlled money is received by the law practice or any payment is made.
Interest and other income received in respect of controlled money must be entered in the register as soon as practicable after the law practice is notified of its receipt.
The law practice must keep as part of its trust records all supporting information (including ADI statements and notifications of interest received) relating to controlled money.
Within 15 working days after each named month, the law practice must prepare and keep in permanent form a statement as at the end of the named month:
containing a list of the practice's controlled money accounts showing:
the name, number and balance of each account in the register, and
the name of the person on whose behalf the controlled money in each account was held, and
a short description of the matter to which each account relates, and
showing the date the statement was prepared.
The statement required to be prepared each month under subrule (8) must be reviewed by a principal of the law practice who is authorised to receive trust money and that review must be evidenced on the statement.

Trustpak Compliant


Trustpak Compliant



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

User Responsible


User Responsible

User Responsible


User Responsible


Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
User Responsible

These are holding accounts

Each CMA has a seperate ledger






Coming Soon
Coming Soon
SOURCE: South Australian Current Regulations - LEGAL PRACTITIONERS REGULATIONS 2014
PART: 6 - Trust money and trust accounts

Date Checked: 27th Mar 2017

NOTE: This information is NOT to be used as a reference to Government Trust Account Regulations it is meant only as a guide to show you which part of the regulations Trustpak is compliant with, we cannot guarantee the accuracy of this information beyond the "Date Checked" however we will do our best to keep this matrix up to date. Please note it is the responsibility of each user to make sure they are compliant with the regulations. The information provided here is intended to help with that process.

Rule
Sub Rule
Description
Compliance
Notes




Division 2 -- Computerised accounting systems


14.


Application of Division


This Division applies if a law practice maintains trust records (including records relating to controlled money) by means of a computerised accounting system.


15.


Copies of trust records to be printed


(1)
- (a)


- (b)



- (c)

- (d)

- (e)

- (f)

(2)




(3)



(4)

The law practice must print a paper copy of trust records as follows:
trust account receipts and payments cash books are to be printed monthly as at the end of each named month, unless a copy of the books as at the end of the named month is kept in electronic form that is readable or reportable on demand;
reconciliation statements prepared under regulation 31

are to be printed as at the end of each named month;

lists of trust account ledgers and their balances are to be printed monthly as at the end of each named month;
lists of controlled money accounts and their balances are to be printed monthly as at the end of each named month;
trust ledger accounts, the register of controlled money and the trust account transfer journal are to be printed before they are archived or deleted from the system;
trust ledger account and controlled money account details are to be printed on request by and provided to an investigator (within the meaning of Schedule 2 clause 1 of the Act).
The trust records printed monthly as at the end of a named month under subregulation (1)(a)

must be printed within 15 business days after the named month.

The paper copies printed under subregulation (1)

must be printed within 15 business days after the named month.

The electronic copy of the trust account cash books under subregulation (1)(a)

is to be kept by the law practice.


Trustpak Compliant


Trustpak Compliant

Trustpak Compliant

Trustpak Compliant

Trustpak Compliant

Trustpak Compliant

User Responsible

User Responsible

User Responsible


Copy saved automatically









16.


Chronological record of information to be made


(1)


- (a)
- (b)
- (c)
- (d)
- (e)
(2)

The law practice must maintain a record, compiled in chronological sequence, of the creation, amendment or deletion of information in its computerised accounting system in relation to the following:
client name;
client address;
matter reference;
matter description;
ledger account number or other descriptor.
The record must be kept by the law practice.

Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant












17.


Requirements regarding computer accounting systems


(1)




(2)

- (a)
- (b)
(3)

(4)

(5)


(6)

The law practice must ensure that its computerised accounting system is not capable of accepting, in respect of a trust ledger account, the entry of a transaction resulting in a debit balance to the account, unless a contemporaneous record of the transaction is made in a manner that enables the production in a permanent form, on demand, of a separate chronological report of all occurrences of that kind.
The law practice must ensure that the system is not capable of deleting a trust ledger account unless:
the balance of the account is zero and all outstanding cheques have been presented; and
when the account is deleted, a copy of the account is kept in a permanent form.
The law practice must ensure that any entry in a record produced in a permanent form appears in a chronological sequence.
The law practice must ensure that each page of each printed record is numbered sequentially or is printed in such a way that no page can be extracted.
The law practice must ensure that its computerised accounting system is not capable of amending the particulars of a transaction already recorded otherwise than by a transaction separately recorded that makes the amendment.
The law practice must ensure that its computerised accounting system requires input in every field of a data entry screen intended to receive information required by this Part to be included in trust records.

Trustpak Compliant






Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant

Trustpak Compliant


Trustpak Compliant









Copy in the archive




18.


Back-ups


(1)
- (a)

- (b)
- (c)

The law practice must ensure that.
a back-up copy of all records required by this Part is made not less frequently than once each month; and
each back-up is kept by the law practice; and
a complete set of back‑up copies is kept in a separate location so that any incident that may adversely affect the records would not also affect the backup copy.


User Responsible

User Responsible
User Responsible





Trustpak allows off-site Backup to Google Drive



Rule
Sub Rule
Description
Compliance
Notes




Division 3 -- General trust accounts


19.


Establishment of general trust account
All User Responsible


(1)




(2)
- (a)

- (b)
- (c)
--- (i)

--- (ii)

- (d)
(3)

(4)

A law practice may at any time establish a general trust account that satisfies the requirements of this regulation, but must, as soon as practicable after receiving trust money that is required to be paid into a general trust account, establish a general trust account that satisfies those requirements if the practice does not already have such a general trust account.
A general trust account satisfies the requirements of this regulation if:
the account is established in this jurisdiction, before or after the commencement of this regulation, with an approved ADI (within the meaning of Schedule 2 of the Act); and
the account is and is to be maintained in this jurisdiction; and
the name of the account includes —
the name of the law practice or the business name under which the law practice engages in legal practice; and
the expression “law practice trust account” or "law practice trust a/c";
and
the account is of a kind that is for the time being approved by the Board.
Subregulation (2)(c) does not apply to an account established in this jurisdiction before the commencement of this regulation.
Subregulation (2)(c)(ii) does not require the repetition of the words “law practice” if those words form part of the name or business name of the law practice.

20.


Receipting of trust money


(1)

(2)
(3)
- (a)
- (b)


(4)



(5)
- (a)
- (b)
- (c)
- (d)
- (e)

- (f)
- (g)

- (h)
--- (i)

(6)

(7)
(8)

This regulation applies if a law practice receives trust money that is required to be paid into a general trust account.
After receiving the trust money, the law practice must make out a receipt.
The receipt must be made out as soon as practicable:
after the trust money is received, except as provided by paragraph (b); or
in the case of trust money received by direct deposit - after the law practice receives or accesses notice or confirmation (in written or electronic form) of the deposit from the ADI concerned.
The receipt, containing the required particulars, must be made out in duplicate, whether by way of making a carbon copy or otherwise, unless at the time the receipt is made out those particulars are recorded by computer program in the trust account receipts cash book.
For the purposes of subregulation (4), the required particulars are as follows:
the date the receipt is made out and, if different, the date of receipt of the money
the amount of money received,
the form in which the money was received,
the name of the person from whom the money was received
details clearly identifying the name of the client in respect of whom the money was received and the matter description and matter reference,
particulars sufficient to identify the reason for which the money was received,
the name of the law practice or the business name under which the law practice engages in legal practice and the expression "trust account" or "trust a/c"
the name of the person who made out the receipt.
the number of the receipt,

The original receipt is to be delivered, on request, to the person from whom the trust money was received.
Receipts must be consecutively numbered and issued in consecutive sequence.
If a receipt is cancelled, the original receipt must be kept.



User Responsible
User Responsible









Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
User Responsible

Trustpak Compliant
Trustpak Compliant

























21.


Deposit records for trust money


(1)


(2)

(3)
- (a)
- (b)
- (c)
- (d)
--- (i)
--- (ii)
--- (iii)
(4)

(5)

This regulation applies if a law practice receives trust money that is required to be paid into a general trust account and the money is not paid into a general trust account by direct deposit.
A deposit record must be produced to the approved ADI at the time the deposit is made.
The following particulars must be recorded on the deposit record:
the date of the deposit,
the amount of the deposit,
whether the deposit consists of cheques, notes or coins (and the amount of each);
for each cheque:
the name of the drawer of the cheque, and
the name and branch (or BSB number) of the ADI on which the cheque is drawn, and
the amount of the cheque.
The deposit record must be made out in duplicate, whether by way of making a carbon copy or otherwise.
The duplicate deposit record must be kept for each deposit to the general trust account and must be kept in a deposit book or be otherwise securely filed in the order in which the deposits were made.




Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant




Deposit Slip









Duplicate in database

Duplicate in database

22.


Direction for non-deposit of trust money in general trust account (Schedule 2 clause 12 of Act)


For the purposes of Schedule 2 clause 12(3) of the Act, the prescribed period for which a written direction referred to in Schedule 2 clause 12(1)(a) of the Act is to be kept is 7 years after finalisation of the matter to which the direction relates.

User Responsible

23.


Written record to be kept of verbal direction to disburse trust money


If the person on whose behalf trust money is held gives a verbal direction for the money to be disbursed, a contemporaneous written record of the direction must be made by the law practice setting out the date and time that the direction was given and the purpose of the disbursement.

User Responsible

24.


Payment by cheque


(1)

(2)
- (a)

- (b)
- (c)
--- (i)

--- (ii)
(3)
- (a)
- (b)
--- (i)
--- (ii)

--- (iii)
(4)
- (a)

- (b)



(5)

(6)



(7)



(8)

- (a)
- (b)
- (c)


- (d)

- (e)
- (f)

(9)

(10)

(11)

(12)

This regulation applies to the withdrawal of trust money from a general trust account of a law practice by cheque.
A cheque -
must be made payable to or to the order of a specified person or persons and not to bearer or cash; and
must be crossed "not negotiable" and
must include:
the name of the law practice or the business name under which the law practice engages in legal practice, and
the expression "law practice trust account" or "law practice trust a/c".
A cheque must be signed by:
by an authorised principal of the law practice, or
if a principal referred to in paragraph (a) is not available:
by an authorised legal practitioner associate, or
by an authorised legal practitioner who holds a practising certificate that does not prohibit the receipt of trust money; or
by 2 or more authorised associates jointly.
A person referred to in subregulation (3) must not sign a cheque unless:
he or she has seen a written direction, given by the person on whose behalf the trust money is held, authorising the disbursement; or
if the money is being disbursed in accordance with a verbal direction given by the person on whose behalf the trust money is held—he or she has made a contemporaneous written record of the direction or seen a contemporaneous written record of the direction made by the person to whom the direction was given.
Subregulation (4) does not apply if the trust money is disbursed in accordance with an order of a court or as otherwise authorised by law.
A written record of the required particulars (which may be in the form of a cheque butt) must be kept of each payment made by cheque, whether by way of making a carbon copy or otherwise, unless at the time the cheque is issued those particulars are recorded by computer program in the trust account payments cash book.
If at the time the cheque is issued the required particulars are recorded by computer program in the trust account payments cash book, a written record must be kept that is sufficient to enable the accuracy of the particulars recorded by the computer program to be verified.
For the purposes of subregulations (6) and (7) , the "required particulars" are as follows:
the date and number of the cheque;
the amount ordered to be paid by the cheque;
the name of the person to whom the payment is to be made or, in the case of a cheque made payable to an ADI, the name of the ADI and the name of the person receiving the benefit of the payment;
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference;
details clearly identifying the ledger account to be debited;
particulars sufficient to identify the purpose for which the payment was made.
the name of the person or persons effecting, directing or authorising the payment.
Written records relating to payments by cheque (including cheque requisitions) must be kept in the order in which the cheques were issued.
Subregulation (2)(c) does not apply to an account established in this jurisdiction before the commencement of this regulation.
Subregulation (2)(c)(ii) does not require the repetition of the words "law practice" if those words form part of the name or business name of the law practice.
In this regulation - "associate" means an associate of the law practice; "authorised" means authorised by the law practice to sign cheques drawn on the general trust account.




User Respomsible

User Responsible

User Responsible

Trustpak Compliant

User Responsible
User Responsible




User Responsible






User Responsible

Trustpak Compliant



Trustpak Compliant





Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant











25.


Payment by electronic funds transfer


(1)

(2)

- (a)
- (b)
--- (i)
--- (ii)

--- (iii)
(3)

- (a)

- (b)



(4)

(5)


(6)



(7)

- (a)
- (b)
- (c)

- (d)


- (e)

- (f)
- (g)
- (h)
(8)

(9)

(10)

This regulation applies to the withdrawal of trust money from a general trust account of a law practice by electronic funds transfer.
An electronic funds transfer must be effected by, under the direction of or with the authority of -
an authorised principal of the law practice; or
if a principal referred to in paragraph (a) is not available: -
an authorised legal practitioner associate, or
an authorised legal practitioner who holds a practising certificate that does not prohibit the receipt of trust money; or
2 or more authorised associates jointly.
A person referred to in subregulation (3) must not effect, direct or authorise an electronic funds transfer unless
he or she has seen a written direction, given by the person on whose behalf the trust money is held, authorising the disbursement; or
if the money is being disbursed in accordance with a verbal direction given by the person on whose behalf the trust money is held—he or she has made a contemporaneous written record of the direction or seen a contemporaneous written record of the direction made by the person to whom the direction was given.
Subregulation (3) does not apply if the trust money is disbursed in accordance with an order of a court or as otherwise authorised by law.
A written record of the required particulars must be kept of each payment unless at the time the electronic funds transfer is effected those particulars are recorded by computer program in the trust account payments cash book.
If at the time the electronic funds transfer is effected the required particulars are recorded by computer program in the trust account payments cash book, a written record must be kept that is sufficient to enable the accuracy of the particulars recorded by the computer program to be verified.
For the purposes of subregulations (5) and (6), the required particulars are as follows:
the date and number of the transaction;
the amount transferred;
the name and number of the account to which the amount was transferred and relevant BSB number;
the name of the person to whom the payment was made or, for a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference;
details clearly identifying the ledger account to be debited;
particulars sufficient to identify the purpose for which the payment was made.
the name of the person or persons effecting, directing or authorising the payment.
Any written confirmation that an electronic funds transfer has been made must be retained by the law practice.
Written records relating to payments by electronic funds transfer (including transfer requisitions) must be kept in the order in which the transfers were effected.
In this regulation - "associate" means an associate of the law practice; "authorised" means authorised by the law practice to effect, direct or give authority for an electronic funds transfer from the general trust account.





User Respomsible
User Respomsible




User Respomsible







User Respomsible

Trustpak Compliant


Trustpak Compliant





Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant


Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
User Respomsible

Trustpak Compliant











26.


Recording transactions in trust account cash books




- (a)
- (b)

A law practice that maintains a general trust account must keep the following trust account cash books:

a trust account receipts cash book in accordance with regulation 27;
a trust account payments cash book in accordance with regulation 28.



Trustpak Compliant
Trustpak Compliant

27.


Trust account receipts cash book


(1)

- (a)

- (b)
- (c)
- (d)
- (e)
- (f)

- (g)
- (h)
(2)

(3)

(4)

The following particulars must be recorded in a law practice’s trust account receipts cash book in respect of each receipt of trust money
the date a receipt was made out for the money and, if different, the date of receipt of the money,
the receipt number,
the amount of money received,
the form in which the money was received,
the name of the person from whom the money was received,
details clearly identifying the name of the client in respect of whom the money was received and the matter description and matter reference,
particulars sufficient to identify the reason for which the money was received,
details clearly identifying the ledger account to be credited.
The date and amount of each deposit in the general trust account must be recorded in the trust account receipts cash book.
The particulars in respect of receipts must be recorded in the order in which the receipts are made out.
The particulars in respect of a receipt must be recorded within 5 business days counting from and including the day the receipt was made out.



Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant

User Responsible

















28.


Trust account payments cash book


(1)

- (a)
- (b)
- (c)


- (d)

- (e)
- (f)
(2)


- (a)
- (b)
- (c)

- (d)


- (e)

- (f)
- (g)
(3)

(4)

The following particulars must be recorded in a law practice’s trust account payments cash book in respect of each payment of trust money by cheque
the date and number of the cheque;
the amount ordered to be paid by the cheque;
the name of the person to whom the payment is to be made or, in the case of a cheque made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference;
details clearly identifying the ledger account to be debited;
particulars sufficient to identify the purpose for which the payment was made.
The following particulars must be recorded in a law practice’s trust accounts payments cash book in respect of each payment of trust money by electronic funds transfer
the date and number of the transaction;
the amount transferred;
the name and number of the account to which the amount was transferred and the relevant BSB number;
the name of the person to whom the payment was made or, in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference;
details clearly identifying the ledger account to be debited;
particulars sufficient to identify the purpose for which the payment was made.
The particulars in respect of payments must be recorded in the order in which the payments are made.
The particulars in respect of a payment must be recorded within 5 business days counting from and including the day the payment was made.



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant


Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

User Responsible

















29.


Recording transactions in trust ledger accounts


(1)


(2)
- (a)
- (b)
- (c)

(3)
(4)

- (a)

- (b)
- (c)
- (d)
- (e)
(5)

- (a)
- (b)
- (c)


- (d)
(6)

- (a)
- (b)
- (c)

- (d)


- (e)
(7)

- (a)
- (b)
- (c)
- (d)

- (e)
(8)

(9)


(10)

A law practice that maintains a general trust account must keep a trust account ledger containing separate trust ledger accounts in relation to each client of the practice in each matter for which trust money has been received by the practice.
The following particulars must be recorded in the title of a trust ledger account:
the name of the person for or on behalf of whom the trust money was paid;
the person's address;
particulars sufficient to identify the matter in relation to which the trust money was received.
Details of any changes in the title of a trust ledger account must be recorded.
The following particulars must be recorded in the trust ledger account in respect of each receipt of trust money for the matter
the date a receipt was made out for the money and, if different, the date of receipt of the money;
the receipt number;
the amount of money received;
the name of the person from whom the money was received;
particulars sufficient to identify the purpose for which the money was received.
The following particulars must be recorded in the trust ledger account in respect of each payment of trust money by cheque:
the date and number of the cheque;
the amount ordered to be paid by the cheque;
the name of the person to whom the payment is to be made or, in the case of a cheque made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
particulars sufficient to identify the purpose for which the payment was made.
The following particulars must be recorded in the trust ledger account in respect of each payment of trust money by electronic funds transfer
the date and number of the transaction;
the amount transferred;
the name and number of the account to which the amount was transferred and the relevant BSB number;
the name of the person to whom the payment was made or, in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
particulars sufficient to identify the purpose for which the payment was made.
The following particulars must be recorded in the trust ledger account in respect of each transfer of trust money effected by a journal entry
the date of the transfer;
the amount transferred;
the journal reference number;
the name of the other trust ledger account from which or to which the money was transferred;
particulars sufficient to identify the purpose for which the payment was made.
Transactions relating to trust money must be recorded in the trust ledger account in the order in which the transactions occur.
The particulars in respect of a receipt, payment or transfer of trust money must be recorded within 5 business days counting from and including the day the receipt was made out, the payment was made or the transfer was effected, as the case requires.
The trust ledger account balance is to be recorded in the trust ledger account after each receipt, payment or transfer of trust money.

Trustpak Compliant



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant


Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant


Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

User Respomsible


Trustpak Compliant


30.


Journal transfers


(1)


- (a)

- (b)
(2)
- (a)
- (b)
--- (i)
--- (ii)

--- (iii)
- (c)
(3)




(4)

(5)

- (a)
- (b)

- (c)

- (d)
- (e)

(6)
(7)

Trust money may be transferred by journal entry from one trust ledger account in a law practice's trust ledger to another trust ledger account in the trust ledger, but only if:
the law practice is entitled to withdraw the money and pay it to the other trust ledger account; and
subregulation (2) is complied with.
The transfer must be authorised in writing
by an authorised principal of the law practice; or
if a principal referred to in paragraph (a) is not available
by an authorised legal practitioner associate; or
by an authorised legal practitioner who holds a practising certificate that does not prohibit the receipt of trust money; or
by 2 or more authorised associates jointly; or
by a supervisor or manager appointed in relation to the practice.
In a paragraph of subregulation (2) associate means an associate of a law practice; authorised means authorised by the law practice or an external intervener for the practice to effect, direct or give authority for the transfer of trust money by journal entry from one trust ledger account in the practice's trust ledger to another trust ledger account in the trust ledger;
A law practice must keep a trust account transfer journal if it transfers trust money by journal entry.
The following particulars must be recorded in the trust account transfer journal in respect of each transfer of trust money by journal entry:
the date of the transfer,
the trust ledger account from which the money is transferred (including its identifying reference);
the trust ledger account to which the money is transferred (including its identifying reference);
the amount transferred,
particulars sufficient to identify the purpose for which the transfer is made, the matter reference and a short description of the matter.
Journal pages or entries must be consecutively numbered.
A law practice must keep particulars of the authorisation for each transfer of trust money by journal entry, whether in the trust account transfer journal or in some other way.







User Respomsible







User Responsible




Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

































User Name Saved

31.


Reconciliation of trust records



(1)

(2)

- (a)
--- (i)

--- (ii)
- (b)
--- (i)

--- (ii)


--- (iii)
(3)

(4)

A law practice that maintains 1 or more general trust accounts must reconcile the trust records relating to each account.
The trust records relating to a general trust account are to be reconciled as at the end of each named month by preparing:
a statement:
reconciling the general trust account balance as shown in ADI records with the balance of the practice's trust account cash books, and
showing the date the statement was prepared, and
a statement:
reconciling the balance of the trust ledger accounts with the balance of the practice's trust account cash books; and
containing a list of the practice's trust ledger accounts showing the name, identifying reference and balance of each and a short description of the matter to which each relates; and
showing the date the statement was prepared.
The statements must be prepared within 15 business days after the end of the month concerned.
The statements must be kept by the law practice.






Trustpak Compliant

Trustpak Compliant

Trustpak Compliant

Trustpak Compliant


Trustpak Compliant
User Responsible

Trustpak Compliant


















Trustpak saves a copy of the reconciliation

32.


Trust ledger account in name of law practice or legal practitioner associate



(1)


(2)
- (a)


- (b)


(3)



(4)

A law practice must not maintain a trust ledger account in the name of the practice or a legal practitioner associate of the practice except as authorised by this regulation.
A law practice may maintain in its trust ledger:
a trust ledger account in the practice's name, but only for the purpose of aggregating in the account, by transfer from other accounts in the trust ledger, money properly due to the practice for legal costs; and
a trust ledger account in a legal practitioner associate's name, but only in respect of money in which the associate has a personal and beneficial interest as a vendor, purchaser, lessor or lessee or in another similar capacity.
In a case to which subregulation (2)(a) applies, the law practice must ensure that the money in the trust ledger account is withdrawn from the general trust account not later than 1 month after the day on which the money was transferred to the trust ledger account.
In a case to which subregulation (2)(b) applies, the law practice must ensure that the money in the trust ledger account is withdrawn from the general trust account at the conclusion of the matter to which the money relates.





Trustpak Compliant


Trustpak Compliant


User Responsible



Trustpak Compliant












33.


Notification requirements regarding general trust accounts

User Responsible

All sub rules are user responsible


(1)

(2)

(3)
- (a)

--- (i)
--- (ii)


- (b)

--- (i)
--- (ii)


(4)

(5)

(6)

Within 14 days after establishing a general trust account, a law practice must give the Society written notice of that fact.
Subregulation (1) does not apply to a general trust account established before the commencement of this regulation.
A law practice
either before, or within 14 days after, authorising or terminating the authority of an associate of the practice
to sign cheques drawn on a general trust account of the practice; or
otherwise to effect, direct or give authority for the withdrawal of money from a general trust account of the practice, must give the Society written notice of that fact (including the name and address of the associate or practitioner and indicating, in the case of an associate, whether the associate is an employee of the practice); and
during April of each year, must give the Society written notice of the associates (including their names and addresses) who are authorised, as at 31 March of that year
to sign cheques drawn on a general trust account of the practice; or
otherwise to effect, direct or give authority for the withdrawal of money from a general trust account of the practice.
A law practice must, within 14 days after closing a general trust account maintained by the practice, give the Society written notice of the closure.
A notice under this regulation given by a law practice must include particulars sufficient to identify the general trust accounts of the practice.
In this regulation - "law practice" includes a former law practice and the persons who were principals of a law practice immediately before the law practice ceased to exist as a law practice or to engage in legal practice in this jurisdiction.






























Division 4 - Controlled money


34.


Maintenance of controlled money accounts (Schedule 2 clause 15 of Act)



(1)

- (a)
- (b)
- (c)

(2)

For the purposes of Schedule 2 clause 15(4) of the Act, a controlled money account must be maintained under an account name that includes the following particulars:
the name of the law practice concerned,
the expression "controlled money account" or the abbreviation "CMA" or "CMA/c",
such particulars as are sufficient to identify the purpose of the account and to distinguish the account from any other account maintained by the law practice.
This regulation does not apply to an account established in this jurisdiction before the commencement of this regulation.



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant





35.


Receipt of controlled money



(1)
(2)

(3)
(4)
- (a)
- (b)


(5)



(6)
- (a)
- (b)
- (c)
- (d)
- (e)

- (f)
- (g)

- (h)

- (i)
- (j)
(7)


(8)

(9)
(10)
(11)

This regulation applies if a law practice receives controlled money.
The law practice must operate a single controlled money receipt system for the receipt of controlled money for all its controlled money accounts.
After receiving controlled money, the law practice must make out a receipt.
The receipt must be made out as soon as practicable:
after the controlled money is received, except as provided by paragraph (b); or
in the case of controlled money received by direct deposit - after the law practice receives or accesses notice or confirmation (in written or electronic form) of the deposit from the ADI concerned.
The receipt, containing the required particulars, must be made out in duplicate, whether by way of making a carbon copy or otherwise, unless at the time the receipt is made out those particulars are recorded by computer program in the register of controlled money.
For the purposes of subregulation (5), the required particulars are as follows
the date the receipt is made out and, if different, the date of receipt of the money
the amount of money received,
the form in which the money was received,
the name of the person from whom the money was received
details clearly identifying the name of the client in respect of whom the money was received and the matter description and matter reference,
particulars sufficient to identify the reason for which the money was received,
the name of and other details clearly identifying the controlled money account to be credited, unless the account has not been established by the time the receipt is made out;
the name of the law practice, or the business name under which the law practice engages in legal practice, and the expression "controlled money receipt";
the name of the person who made out the receipt.
the number of the receipt,
If the controlled money account to be credited has not been established by the time the receipt is made out, the name of and other details clearly identifying the account when established must be included on the duplicate receipt (if any).
The original receipt must be delivered, on request, to the person from whom the controlled money was received.
Receipts must be consecutively numbered and issued in consecutive sequence.
If a receipt is cancelled or not delivered, the original receipt must be kept.
A receipt is not required to be made out for any interest or other income received from the investment of controlled money and credited directly to a controlled money account.

Trustpak Compliant


User Responsible

User Responsible
User Responsible


Trustpak Compliant




Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
User Responsible


User Responsible

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant












36.


Deposit of controlled money (Schedule 2 clause 15 of Act)


For the purposes of Schedule 2 clause 15(5) of the Act, the prescribed period for which a written direction referred to in Schedule 2 clause 15(1) of the Act is to be kept is 7 years after finalisation of the matter to which the direction relates.

User Responsible

37.


Withdrawal of controlled money must be authorised



(1)

- (a)
- (b)
--- (i)
--- (ii)

--- (iii)
(2)


(3)


(4)

- (a)
- (b)
- (c)


- (d)

- (e)
- (f)
- (g)
(5)
(6)

A withdrawal of money from a controlled money account of a law practice must be effected by, under the direction of or with the authority of
an authorised principal of the law practice, or
if a principal referred to in paragraph (a) is not available:
an authorised legal practitioner associate; or
an authorised legal practitioner who holds a practising certificate that does not prohibit the receipt of trust money; or
2 or more authorised associates jointly.
A written record of the required particulars must be kept of each withdrawal unless at the time the withdrawal is made those particulars are recorded by computer program.
If at the time the withdrawal is made the required particulars are recorded by computer program, a written record must be kept that is sufficient to enable the accuracy of the particulars recorded by the computer program to be verified.
For the purposes of subregulations (2) and (3) , the required particulars are as follows:
the date and number of the transaction,
the amount withdrawn,
in the case of a withdrawal by cheque, the name of the person to whom payment is to be made or, if the cheque is made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference,
particulars sufficient to identify the reason for which the payment was made,
the person or persons effecting, directing or authorising the withdrawal.
The particulars are to be recorded in the order in which the payments are recorded and are to be recorded separately for each controlled money account.
In this regulation - "associate" means an associate of the law practice; "authorised" means authorised by the law practice to effect, direct or give authority for a withdrawal of money from the controlled money account.



User Responsible
User Responsible




User Responsible


Trustpak Compliant




Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant

Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant












38.


Register of controlled money



(1)


(2)

(3)

- (a)
- (b)
- (c)
- (d)
(4)

- (a)
- (b)
- (c)
- (d)
- (e)
- (f)
- (g)
- (h)

(5)



(6)

(7)


(8)

- (a)
--- (i)
--- (ii)

--- (iii)
- (b)

A law practice that receives controlled money must maintain a register of controlled money consisting of the records of controlled money movements for the controlled money accounts of the practice.
A separate record of controlled money movements must be maintained for each controlled money account.
A record of controlled money movements for a controlled money account must record the following information:
the name of the person on whose behalf the controlled money is held,
the person's address,
particulars sufficient to identify the matter,
any changes to the information referred to in paragraphs (a) to (c).
The following particulars must be recorded in a record of controlled money movements for a controlled money account:
the date the controlled money was received,
the number of the receipt,
the date the money was deposited in the controlled money account,
the name of and other details clearly identifying the controlled money account,
the amount of controlled money deposited,
details of the deposit sufficient to identify the deposit,
interest received,
details of any payments from the controlled money account, including the particulars required to be recorded under regulation 37(4)
With the exception of interest and other income received in respect of controlled money, particulars of receipts and payments must be entered in the register as soon as practicable after the controlled money is received by the law practice or any payment is made.
Interest and other income received in respect of controlled money must be entered in the register as soon as practicable after the law practice is notified of its receipt.
The law practice must keep as part of its trust records all supporting information (including ADI statements and notifications of interest received) relating to controlled money.
Within 15 business days after each named month, the law practice must prepare and keep as a permanent record a statement as at the end of the named month:
containing a list of the practice's controlled money accounts showing:
the name, number and balance of each account in the register, and
the name of the person on whose behalf the controlled money in each account was held, and
a short description of the matter to which each account relates, and
showing the date the statement was prepared.

Trustpak Compliant


Trustpak Compliant



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

User Responsible



User Responsible

User Responsible


User Responsible


Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

These are holding accounts

Each CMA has a seperate ledger






Coming Soon
SOURCE: New South Wales Consolidated Regulations - LEGAL PROFESSION UNIFORM GENERAL RULES 2015
CHAPTER: 4 - BUSINESS PRACTICE AND PROFESSIONAL CONDUCT

Date Checked: 1st Oct 2016

NOTE: This information is NOT to be used as a reference to Government Trust Account Regulations it is meant only as a guide to show you which part of the regulations Trustpak is compliant with, we cannot guarantee the accuracy of this information beyond the "Date Checked" however we will do our best to keep this matrix up to date. Please note it is the responsibility of each user to make sure they are compliant with the regulations. The information provided here is intended to help with that process.

Note: In New South Wales and Victoria, lawyers and law practices are subject to the same framework of Legal Profession Uniform Rules made by the Legal Services Council.

Rule
Sub Rule
Description
Compliance
Notes




Division 2 - Trust money and trust accounts


35.


Maintenance of general trust account


(1)
- (a)
- (b)

A general trust account established in a jurisdiction
must be established with an authorised ADI, and
must include in its name the name of the law practice or the business name under which the law practice engages in legal practice, and the expression "law practice trust account" or "law practice trust a/c".


User Responsible
User Responsible

36.


Receipting of trust money


(1)
- (a)
- (b)

(2)
- (a)
- (b)
- (c)
- (d)
- (e)
- (f)

- (g)
- (h)

- (i)
(3)


(4)

(5)
(6)
(7)

A law practice must make out a receipt as soon as practicable:
after trust money is received, or
in the case of trust money received by direct deposit, after the law practice receives or accesses notice or confirmation of the deposit from the ADI concerned.
The receipt must contain the following particulars:
the date the receipt is made out and, if different, the date of receipt of the money
the number of the receipt,
the amount of money received,
the form in which the money was received,
the name of the person from whom the money was received
details clearly identifying the name of the client in respect of whom the money was received and the matter description and matter reference,
particulars sufficient to identify the reason for which the money was received,
the name of the law practice or the business name under which the law practice engages in legal practice and the expression "trust account" or "trust a/c"
the name of the person who made out the receipt.
The receipt must be made out in duplicate unless, when the receipt is made out the particulars referred to in subrule (2) are recorded by a computerised accounting system in the trust account receipts cash book.
The receipt must be given, on request, to the person from whom the trust money was received.
Receipts must be consecutively numbered and issued in consecutive sequence.
If a receipt is cancelled, the original receipt must be kept.
This rule does not apply to controlled money.


User Responsible
User Responsible


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant


Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
























Trustpak uses holding accounts to deal with controlled money

37.


Deposit records for trust money


(1)


(2)
- (a)
- (b)
- (c)
- (d)
--- (i)
--- (ii)
--- (iii)
(3)
(4)

If a law practice receives trust money that is required to be paid into a general trust account and the money is not paid into a general trust account by direct deposit, a deposit record must be produced to the ADI at the time the deposit is made.
The following particulars must be recorded on the deposit record:
the date of the deposit,
the amount of the deposit,
whether the deposit consists of cheques or cash (and the amount of each),
for each cheque:
the name of the drawer of the cheque, and
the name and branch (or BSB number) of the ADI on which the cheque is drawn, and
the amount of the cheque.
The deposit record must be made out in duplicate.
The duplicate deposit record must be kept for each deposit to the general trust account and must be kept in a deposit book or be otherwise securely filed in the order in which the deposits were made.

Trustpak Compliant



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Deposit Slip











Duplicate in database

38.


Computerised accounting systems-copies of trust records


(1)

(2)

- (a)

- (b)
- (c)

- (d)

(3)
- (a)

- (b)

(4)

This rule applies if a law practice maintains trust records by means of a computerised accounting system.
A law practice must maintain and keep, in printed form or in readable and printable form, the following copies of trust records:
a copy of trust account receipts and payments cash books as at the end of each named month,
a copy of reconciliation statements as at the end of each named month,
a copy of lists of trust account ledgers and their balances as at the end of each named month,
a copy of lists of controlled money accounts and their balances as at the end of each named month.
A law practice must:
print a paper copy of trust ledger accounts, the register of controlled money and the trust account transfer journal before they are deleted from the system, and
on request by an investigator appointed under Chapter 7 of the Uniform Law, provide to the investigator a printed copy of trust ledger account and controlled money account details.
The copies of trust records as at the end of a named month under subrule (2) must be prepared within 15 working days after the named month.

-

Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant


Trustpak Compliant

User Responsible

User Responsible











39.


Computerised accounting systems-chronological record of information to be made


(1)

(2)


- (a)
- (b)
- (c)
- (d)
- (e)

This rule applies if a law practice maintains trust records by means of a computerised accounting system.
A law practice must maintain and keep a record, compiled in chronological sequence, of the creation, amendment or deletion of information in its computerised accounting system in relation to each of the following:
client name,
client address,
matter reference,
matter description,
ledger account number or other descriptor.

-

Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant











40.


Computerised accounting systems-requirements regarding systems


(1)

(2)
- (a)




- (b)
--- (i)
--- (ii)
- (c)

- (d)

- (e)


- (f)

This rule applies if a law practice maintains trust records by means of a computerised accounting system.
A law practice must ensure that:
its computerised accounting system is not capable of accepting, in respect of a trust ledger account, the entry of a transaction resulting in a debit balance to the account, unless a contemporaneous record of the transaction is made in a manner that enables the production in a permanent form, on demand, of a separate chronological report of all occurrences of that kind, and
the system is not capable of deleting a trust ledger unless:
the balance of the account is zero and all outstanding cheques have been presented, and
when the account is deleted, a copy of the account is kept in a permanent form, and
any entry in a record produced in a permanent form appears in chronological sequence, and
each page of each printed or printable record is numbered sequentially or is printed or printable in such a way that no page can be extracted, and
its computerised accounting system is not capable of amending the particulars of a transaction already recorded otherwise than by a transaction separately recorded that makes the amendment, and
its computerised accounting system requires input in every field of a data entry screen intended to receive information required by these Rules to be included in trust records.

-


Trustpak Compliant




Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant

Trustpak Compliant


Trustpak Compliant














41.


Computerised accounting systems-back-ups


(1)

(2)
- (a)

- (b)
- (c)

This rule applies if a law practice maintains trust records by means of a computerised accounting system.
For the purposes of section 147 of the Uniform Law, a law practice must ensure that:
a back-up copy of all records required under the Uniform Law and these Rules is made at least once each month, and
each back-up copy is kept by the law practice, and
a complete set of back-up copies is kept in a separate location so that any incident that may adversely affect the records would not also affect the back-up copy.




User Responsible

User Responsible
User Responsible







Trustpak allows off-site Backup to Google Drive



42.


Withdrawal of trust money for payment of legal costs

User Responsible


(1)




(2)

(3)

- (a)

- (b)



--- (i)
--- (ii)

- (c)
(4)

- (a)

- (b)
--- (i)
--- (ii)

(5)
- (a)

- (b)
--- (i)
--- (ii)

(6)


- (a)

- (b)

- (c)

(7)
- (a)

--- (i)
--- (ii)


- (b)
--- (i)
--- (ii)


(8)

This rule prescribes, for the purposes of Division 2 of Part 4.2 of the Uniform Law (see section 144 (2) (b) of that Law), the procedure for the withdrawal of trust money held in a general trust account or controlled money account of a law practice for payment of legal costs owing to the law practice by the person for whom the trust money was paid into the account.
The trust money may be withdrawn in accordance with the procedure set out in any applicable subrule of this rule.
The law practice may withdraw the trust money if the law practice has given the person a bill relating to the money and referring to the proposed withdrawal, and:
if the person does not, at the end of the period of 7 business days after the person was given the bill, object to the amount specified in the bill, or
if the person objects to the amount specified in the bill within the period of 7 business days after being given the bill but has not referred the matter to the designated local regulatory authority or for costs assessment, and the period of 30 days after the later of the following dates has expired:
the date on which the person was given the bill,
the date on which the person received an itemised bill following a request made in accordance with section 187 of the Uniform Law, or
if the money otherwise becomes legally payable.
The law practice may withdraw the trust money (whether or not the law practice has given the person a bill relating to the money):
if the money is withdrawn in accordance with instructions that have been received by the law practice and that authorise the withdrawal, and
if, before effecting the withdrawal, the law practice gives or sends to the person:
a request for payment, referring to the proposed withdrawal, or
a written notice of withdrawal.
Note : See also subrule (7), which relates to subrule (4).
The law practice may withdraw the trust money:
if the money is owed to the law practice by way of reimbursement of money already paid by the law practice on behalf of the person, and
if, before effecting the withdrawal, the law practice gives or sends to the person:
a request for payment, referring to the proposed withdrawal, or
a written notice of withdrawal.
Note : See also subrule (8), which relates to subrule (5).
If the law practice has given the person who is a commercial or government client a bill specifying the amount payable by the person for legal costs, the law practice may withdraw the money so long as:
the money is withdrawn in accordance with a costs agreement between the law practice and the person, and
the costs agreement complies with the legislation under which it is made and authorises the withdrawal, and
before effecting the withdrawal, the law practice gives or sends to the person a request for payment, referring to the proposed withdrawal.
In relation to subrule (4):
if the authorisation referred to in subrule (4) (a) authorises withdrawal of part only of the money:
the law practice may withdraw the money to that extent only, and
if the law practice has given the person a bill relating to the money as referred to in subrule (3) (a)-subrule (3) (b) (i) and (ii) are taken to apply to the remaining part of the amount specified in the bill, and
instructions referred to in subrule (4):
if given in writing, must be kept as a permanent record, or
if not given in writing, must be confirmed in writing either before, or not later than 5 working days after, the law practice effects the withdrawal and a copy must be kept as a permanent record.
For the purposes of subrule (5), money is taken to have been paid by the law practice on behalf of the person when the relevant account of the law practice has been debited.
Note : Rule 73 provides for the giving of bills.



















43.


Method of payment


(1)

- (a)

- (b)
- (c)
--- (i)

--- (ii)
(2)

- (a)
- (b)
--- (i)
--- (ii)

--- (iii)
(3)
- (a)


- (b)

(4)
- (a)
- (b)
- (c)


- (d)

- (e)


- (f)
- (g)
(5)

If a withdrawal of trust money from a general trust account of a law practice is made by cheque, the cheque:
must be made payable to or to the order of a specified person or persons and must not be made payable to bearer or to cash, and
must be crossed "not negotiable" and
must include:
the name of the law practice or the business name under which the law practice engages in legal practice, and
the expression "law practice trust account" or "law practice trust a/c".
A cheque must be signed by, or an electronic funds transfer must be effected under, the direction or authority of:
an authorised principal of the law practice, or
if such a principal is not available:
an authorised legal practitioner associate, or
an authorised Australian legal practitioner who holds an Australian practising certificate authorising the receipt of trust money, or
two or more authorised associates jointly.
A written record of the required particulars:
must be kept of each payment made by cheque or electronic funds transfer, unless those particulars are recorded by a computerised accounting system in the trust account payments cash book at the time the cheque is issued or the transfer is effected, and
must be kept in a way that is sufficient to enable the accuracy of the particulars recorded by the computerised accounting system to be verified.
For the purposes of subrule (3), the
the date and number of the cheque or electronic funds transfer,
the amount ordered to be paid by the cheque or electronic funds transfer,
in the case of a cheque, the name of the person to whom the payment is to be made or, if the cheque is made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
in the case of an electronic funds transfer, the name and number of the account to which the amount was transferred and relevant BSB number,
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference, or in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
details clearly identifying the ledger account to be debited,
particulars sufficient to identify the reason for the payment.
Written records relating to payments by cheque or electronic funds transfer (including cheque or transfer requisitions) must be kept in the order in which the cheques or transfers were issued or effected.



User Respomsible



Trustpak Compliant

Trustpak Compliant
User Responsible








Trustpak Compliant


Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant

Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant











44.


Trust account receipts cash books


(1)


- (a)

- (b)
- (c)
- (d)
- (e)
- (f)

- (g)
- (h)
(2)

(3)

A law practice that maintains a general trust account must keep a trust account receipts cash book in which the following particulars must be recorded in respect of each receipt of trust money:
the date a receipt was made out for the money and, if different, the date of receipt of the money,
the receipt number,
the amount of money received,
the form in which the money was received,
the name of the person from whom the money was received,
details clearly identifying the name of the client in respect of whom the money was received and the matter description and matter reference,
particulars sufficient to identify the reason for which the money was received,
details clearly identifying the ledger account to be credited.
The date and amount of each deposit in the general trust account must be recorded in the trust account receipts cash book.
The particulars in respect of receipts must be recorded in the order in which the receipts are made out and must be recorded within 5 working days of the receipt being made out.




Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant

















45.


Trust account payments cash book


(1)


- (a)
- (b)
- (c)


- (d)
--- (i)

--- (ii)


- (g)

- (h)
(2)
- (a)
- (b)

A law practice that maintains a general trust account must keep a trust account payments cash book in which the following particulars are recorded in respect of each payment of trust money:
the date and number of the cheque or electronic funds transfer,
the amount ordered to be paid by the cheque or the amount transferred,
in the case of a cheque, the name of the person to whom the payment is to be made or, if the cheque is made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
in the case of an electronic funds transfer:
the name and number of the account to which the amount was transferred and the relevant BSB number, and
the name of the person to whom the payment was made or, in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
details clearly identifying the name of the person on whose behalf the payment was made, the matter description and the appropriate ledger reference,
particulars sufficient to identify the reason for payment.
The particulars in respect of payments must be recorded:
in the order in which the payments are made, and
within 5 working days of the day the payment was made.




Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant
Trustpak Compliant

Trustpak Compliant


Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

















46.


Journal transfers


(1)



- (a)

--- (i)
--- (ii)

--- (iii)
- (b)
(2)

(3)

- (a)
- (b)


- (c)


- (d)
- (e)
(4)
(5)

Trust money may be transferred by journal entry from one trust ledger account in a law practice's trust ledger to another trust ledger account in the trust ledger, but only if the law practice is entitled to withdraw the money and pay it to the other trust ledger account and:
the transfer is authorised in writing by an authorised principal of the law practice or if such a principal is not available:
an authorised legal practitioner associate of the law practice, or
an authorised Australian legal practitioner who holds an Australian practising certificate authorising the receipt of trust money, or
two or more authorised associates jointly, or
the transfer is authorised in writing by an external intervener for the law practice.
A law practice must keep a trust account transfer journal if it transfers trust money by journal entry.
The following particulars must be recorded in the trust account transfer journal in respect of each transfer of trust money by journal entry:
the date of the transfer,
the trust ledger account from which the money is transferred (including the appropriate ledger reference, the name of the person on whose behalf the transfer was made and the matter description),
the trust ledger account to which the money is transferred (including the appropriate ledger reference, the name of the person on whose behalf the transfer was made and the matter description),
the amount transferred,
particulars sufficient to identify the reason for the transfer.
Journal pages or entries must be consecutively numbered.
A law practice must keep particulars of the authorisation for each transfer of trust money by journal entry, whether in the trust account transfer journal or in some other way.

User Respomsible



User Respomsible

User Respomsible
User Responsible

User Responsible
User Responsible
Trustpak Compliant



Trustpak Compliant
Trustpak Compliant


Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant











47.


Recording transactions in trust ledger accounts



(1)


(2)

- (a)
- (b)
- (c)

(3)

- (a)
- (b)
- (c)
- (d)
- (e)
--- (i)

--- (ii)


--- (iii)

--- (iv)

(4)
- (a)
- (b)

(5)

A law practice that maintains a general trust account must keep a trust account ledger containing separate trust ledger accounts in relation to each person in each matter for which trust money has been received by the practice.
The following particulars must be recorded, and kept up to date, in the title of a trust ledger account:
the name of the person for or on behalf of whom the trust money was paid,
the person's address,
particulars sufficient to identify the matter in relation to which the trust money was received.
The following particulars must be recorded for each transaction in the trust ledger account:
the date of the transaction,
the appropriate reference number and transaction type,
particulars sufficient to identify the reason for the transaction,
the amount of money in the transaction,
if the transaction type is:
a receipt-the provider of the amount and the date the amount was received if that date is different from the date of receipt,
a payment by cheque-the payee or, in the case of a cheque made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
a payment by electronic funds transfer-the account name and number and the relevant BSB number of the ADI and the name of the person receiving the benefit of the payment,
a journal entry-the appropriate ledger reference, the name of the person on whose behalf the transfer was made and the matter description.
Transactions relating to trust money must be recorded in the trust ledger account:
in the order in which the transactions occur, and
within 5 working days of the day the receipt was made out, the payment was made or the transfer was effected, as the case requires.
The trust ledger account balance is to be recorded in the trust ledger account after each receipt, payment or transfer of trust money.






Trustpak Compliant
Trustpak Compliant
Trustpak Compliant



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant

Trustpak Compliant


Trustpak Compliant

Trustpak Compliant


User Responsible
User Responsible

Trustpak Compliant











48.


Reconciliation of trust records



(1)

(2)

- (a)
--- (i)

--- (ii)
- (b)
--- (i)

--- (ii)


--- (iii)
(3)

(4)

A law practice that maintains one or more general trust accounts must reconcile the trust records relating to each account.
The trust records relating to a general trust account are to be reconciled as at the end of each named month by preparing:
a statement:
reconciling the general trust account balance as shown in ADI records with the balance of the practice's trust account cash books, and
showing the date the statement was prepared, and
a statement:
reconciling the balance of the trust ledger accounts with the balance of the practice's trust account cash books, and
containing a list of the practice's trust ledger accounts showing the name, identifying reference and balance of each and a short description of the matter to which each relates, and
showing the date the statement was prepared.
The statements must be prepared within 15 working days after the end of the month concerned.
The statements must be kept by the law practice.






Trustpak Compliant

Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
User Responsible

Trustpak Compliant


















Trustpak saves a copy of the reconciliation

49.


Trust ledger account in name of law practice or legal practitioner associate



(1)

(2)
- (a)


- (b)


(3)



(4)

A law practice must not maintain a trust ledger account in the name of the practice or a legal practitioner associate of the practice except as authorised by this rule.
A law practice may maintain in its trust ledger:
a trust ledger account in the practice’s name, but only for the purpose of aggregating in the account, by transfer from other accounts in the trust ledger, money properly due to the practice for legal costs, and
a trust ledger account in a legal practitioner associate’s name, but only in respect of money in which the associate has a personal and beneficial interest as a vendor, purchaser, lessor or lessee or in another similar capacity.
In a case to which subrule (2) (a) applies, the law practice must ensure that the money in the trust ledger account is withdrawn from the general trust account not later than one month after the day on which the money was transferred to the trust ledger account.
In a case to which subrule (2) (b) applies, the law practice must ensure that the money in the trust ledger account is withdrawn from the general trust account at the conclusion of the matter to which the money relates.




Trustpak Compliant


Trustpak Compliant


User Responsible



Trustpak Compliant












50.


Notification requirements regarding general trust accounts

User Responsible

All sub rules are user responsible

51.


Law practice closing down, closing office or ceasing to receive or hold trust money

User Responsible

All sub rules are user responsible

52.


Trust account statements



(1)


(2)
- (a)
- (b)
- (c)

(3)
- (a)

- (b)
(4)
- (a)

- (b)


- (c)
(5)


- (a)

- (b)


(6)



- (a)
- (b)

A law practice must give a trust account statement to each person for whom or on whose behalf trust money (other than transit money and written direction money) is held or controlled by the law practice or an associate of the practice.
Where relevant, the law practice must give the person a separate statement for:
each trust ledger account, and
each record of controlled money movements, and
each record of dealings with the money that is the subject of a power to which the law practice or an associate of the law practice is a party.
A trust account statement is to contain particulars of:
all the information required to be kept under the Uniform Law or these Rules in relation to the trust money included in the relevant ledger account or record, and
the remaining balance (if any) of the money.
A trust account statement is to be given:
as soon as practicable after completion of the matter to which the ledger account or record relates, and
as soon as practicable after the person for whom or on whose behalf the money is held or controlled makes a reasonable request for the statement during the course of the matter, and
except as provided by subrule (5) or (6), as soon as practicable after 30 June in each year.
The law practice is not required to give a trust account statement under subrule (4) (c) in respect of a ledger account or record if at 30 June the balance of the ledger account or record is zero and:
no transaction affecting the ledger account or record has taken place within the previous 12 months, or
a trust account statement has been furnished within the previous 12 months and no transaction affecting the ledger account or record has taken place since the last statement was furnished.
Without limiting subrule (5), the law practice is not required to give a trust account statement under subrule (4) (c) in respect of a ledger account or record kept in a jurisdiction if at 30 June immediately before the commencement day for that jurisdiction:
the ledger account or record has been open for less than 6 months, or
a trust account statement has been furnished within the previous 12 months and there has been no subsequent transaction affecting the ledger account or record,
but this subrule expires immediately before the first anniversary of that commencement day.
The law practice must keep a copy of a trust account statement given under this rule.





Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant

Trustpak Compliant

User Responsible

User Responsible


User Responsible



User Responsible

User Responsible






User Responsible
User Responsible



User Responsible












53.


Trust account statements for commercial or government clients

User Responsible

All sub rules are user responsible

54.


Statements regarding receipt or holding of trust money

User Responsible

All sub rules are user responsible

55.


Trust money subject to specific powers

User Responsible

All sub rules are user responsible

56.


Authority to receive trust money

User Responsible

All sub rules are user responsible

57.


Disclosure of accounts used to hold money

User Responsible

All sub rules are user responsible

58.


When, how and where money is received

User Responsible

All sub rules are user responsible

59.


Register of investments



(1)


- (a)
- (b)
- (c)
- (d)
- (e)
- (f)
- (g)
- (h)
- (i)
- (j)
(2)

If a law practice invests trust money for or on behalf of a client, the law practice must maintain a register of investments of trust money that records the following information in relation to each investment:
the name in which the investment is held,
the name of the person on whose behalf the investment is made,
the person's address,
particulars sufficient to identify the investment,
the amount invested,
the date the investment was made,
particulars sufficient to identify the source of the investment,
details of any documents evidencing the investment,
details of any interest received from the investment or credited directly to the investment,
details of the repayment of the investment and any interest, on maturity or otherwise.
This rule does not require particulars to be recorded in the register if the particulars are required to be recorded elsewhere by another rule.




Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant












60.


Register of powers and estates in relation to trust money

User Responsible

All sub rules are user responsible

Rule
Sub Rule
Description
Compliance
Notes




Division 3 - Controlled money


61.


Maintenance of controlled money account



(1)

- (a)
- (b)
- (c)

A controlled money account must be maintained under an account name that includes the following particulars:
the name of the law practice concerned,
the expression "controlled money account" or the abbreviation "CMA" or "CMA/c",
particulars that are sufficient to identify the purpose of the account and to distinguish the account from any other account maintained by the law practice.



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant





62.


Receipt of controlled money



(1)


(2)


(3)

(4)


- (a)
- (b)
- (c)
- (d)
- (e)

- (f)
- (g)

- (h)
- (i)
- (j)
(2)

If a law practice receives controlled money, it must operate a single controlled money receipt system for the receipt of controlled money for all its controlled money accounts.
A law practice must make out a receipt as soon as possible after receiving controlled money or, in relation to a direct deposit, after receiving notice or confirmation of the deposit from the relevant ADI.
On request from the person from whom controlled money is received, the law practice must give that person a copy of the receipt.
The receipt must be made out in duplicate, unless at the time the receipt is made out those particulars are recorded by a computerised accounting system in the register of controlled money, and must contain the following particulars:
the date the receipt is made out and, if different, the date of receipt of the money
the amount of money received,
the form in which the money was received,
the name of the person from whom the money was received
details clearly identifying the name of the client in respect of whom the money was received and the matter description and matter reference,
particulars sufficient to identify the reason for which the money was received,
the name of the law practice, or the business name under which the law practice engages in legal practice, and the expression "controlled money receipt",
the name of the person who made out the receipt.
the number of the receipt,
This rule does not require particulars to be recorded in the register if the particulars are required to be recorded elsewhere by another rule.

Trustpak Compliant


User Responsible


User Responsible

Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant












63.


Withdrawal of controlled money from controlled money account



(1)


(2)

- (a)
- (b)
--- (i)

--- (ii)


--- (iii)
(3)
(4)



(5)
- (a)
- (b)
- (c)


- (d)

- (e)

- (f)
- (g)
(6)

Despite any directions to the contrary, a law practice must not withdraw controlled money from a controlled money account otherwise than by cheque or electronic funds transfer.
A withdrawal of money from a controlled money account of a law practice must be effected by, under the direction of or with the authority of:
an authorised principal of the law practice, or
if such a principal is not available:
a legal practitioner associate authorised by the law practice to effect, direct or give authority for this purpose, or
an Australian legal practitioner who holds an Australian practising certificate authorising the receipt of trust money and who is authorised by the law practice to effect, direct or give authority for this purpose, or
two or more associates of the law practice jointly.
A written record of the required particulars must be kept of each withdrawal.
If, at the time the withdrawal is made, the required particulars are recorded by a computerised accounting system, a written record must be kept that is sufficient to enable the accuracy of the particulars recorded by the computerised accounting system to be verified.
For the purposes of this rule, the "required particulars" are as follows:
the date and number of the transaction,
the amount withdrawn,
in the case of a withdrawal by cheque, the name of the person to whom payment is to be made or, if the cheque is made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
in the case of a withdrawal by electronic funds transfer, the name and number of the account to which the amount was transferred and the relevant BSB number,
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference,
particulars sufficient to identify the reason for which the payment was made,
the person or persons effecting, directing or authorising the withdrawal.
The particulars are to be recorded in the order in which the withdrawals are made and are to be recorded separately for each controlled money account.

Trustpak Compliant


User Responsible

User Responsible

User Responsible

User Responsible


User Responsible
Trustpak Compliant
Trustpak Compliant




Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant












64.


Register of controlled money



(1)


(2)

(3)

- (a)
- (b)
- (c)
- (d)
(4)

- (a)
- (b)
- (c)
- (d)
- (e)
- (f)
- (g)
- (h)

(5)


(6)

(7)


(8)

- (a)
--- (i)
--- (ii)

--- (iii)
- (b)
(9)

If a law practice receives controlled money, it must maintain a register of controlled money for the records of controlled money movements for all its controlled money accounts.
A separate record of controlled money movements must be maintained for each controlled money account.
A record of controlled money movements for a controlled money account must record the following information:
the name of the person on whose behalf the controlled money is held,
the person's address,
particulars sufficient to identify the matter,
any changes to the information referred to in paragraphs (a)-(c).
The following particulars must be recorded in a record of controlled money movements for a controlled money account:
the date the controlled money was received,
the number of the receipt,
the date the money was deposited in the controlled money account,
the name of and other details clearly identifying the controlled money account,
the amount of controlled money deposited,
details of the deposit sufficient to identify the deposit,
interest received,
details of any payments from the controlled money account, including the particulars required to be recorded under these Rules.
Subject to subrule (6), particulars of receipts and payments must be entered in the register as soon as practicable after the controlled money is received by the law practice or any payment is made.
Interest and other income received in respect of controlled money must be entered in the register as soon as practicable after the law practice is notified of its receipt.
The law practice must keep as part of its trust records all supporting information (including ADI statements and notifications of interest received) relating to controlled money.
Within 15 working days after each named month, the law practice must prepare and keep in permanent form a statement as at the end of the named month:
containing a list of the practice's controlled money accounts showing:
the name, number and balance of each account in the register, and
the name of the person on whose behalf the controlled money in each account was held, and
a short description of the matter to which each account relates, and
showing the date the statement was prepared.
The statement required to be prepared each month under subrule (8) must be reviewed by a principal of the law practice who is authorised to receive trust money and that review must be evidenced on the statement.

Trustpak Compliant


Trustpak Compliant



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

User Responsible


User Responsible

User Responsible


User Responsible


Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
User Responsible

These are holding accounts

Each CMA has a seperate ledger






SOURCE: Western Australian Current Regulations - LEGAL PROFESSION REGULATIONS 2009
RULE: 4 - Trust money and trust accounts

Date Checked: 1st Oct 2016

NOTE: This information is NOT to be used as a reference to Government Trust Account Regulations it is meant only as a guide to show you which part of the regulations Trustpak is compliant with, we cannot guarantee the accuracy of this information beyond the "Date Checked" however we will do our best to keep this matrix up to date. Please note it is the responsibility of each user to make sure they are compliant with the regulations. The information provided here is intended to help with that process.

Rule
Sub Rule
Description
Compliance
Notes




Division 2 -- Computerised accounting systems


35.


Application of Division


This Division applies where a law practice maintains trust records (including records relating to controlled money) by means of a computerised accounting system.


36.


Trust records, paper copies of required


(1)
- (a)


- (b)

- (c)

- (d)

- (e)

- (f)

(2)

(3)

(4)

The law practice must print a paper copy of trust records as follows:
trust account receipts and payments cash books are to be printed monthly as at the end of each month, unless a copy of the books as at the end of the month is kept in electronic form that is readable or reportable on demand;
reconciliation statements prepared under regulation 51 are to be printed as at the end of each month;
lists of trust account ledgers and their balances are to be printed monthly as at the end of each month;
lists of controlled money accounts and their balances are to be printed monthly as at the end of each month;
trust ledger accounts, the register of controlled money and the trust account transfer journal are to be printed before they are archived or deleted from the system;
trust ledger account and controlled money account details are to be printed on request by and provided to an investigator as defined in section 205(1) of the Act.
The trust records printed monthly as at the end of a month under subregulation (1)(a) to (d) must be printed within 15 working days after the end of the month.
The paper copies printed under subregulation (1) must be kept by the law practice, except where they are printed on request under that subregulation.
The electronic copy of the trust account cash books under subregulation (1)(a) must be kept by the law practice.


Trustpak Compliant


Trustpak Compliant

Trustpak Compliant

Trustpak Compliant

Trustpak Compliant

Trustpak Compliant

User Responsible

User Responsible

User Responsible


Copy saved automatically









37.


Chronological record of certain information required


(1)


- (a)
- (b)
- (c)
- (d)
- (e)
(2)

The law practice must maintain a record, compiled in chronological sequence, of the creation, amendment or deletion of information in its computerised accounting system in relation to the following:
client name;
client address;
matter reference;
matter description;
ledger account number or other descriptor.
The record must be kept by the law practice.

Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant












38.


Requirements as to systems etc.


(1)




(2)

- (a)
- (b)
(3)

(4)

(5)


(6)

The law practice must ensure that its computerised accounting system is not capable of accepting, in respect of a trust ledger account, the entry of a transaction resulting in a debit balance to the account, unless a contemporaneous record of the transaction is made in a manner that enables the production in a permanent form, on demand, of a separate chronological report of all occurrences of that kind.
The law practice must ensure that the system is not capable of deleting a trust ledger account unless:
the balance of the account is zero and all outstanding cheques have been presented; and
when the account is deleted, a copy of the account is kept in a permanent form.
The law practice must ensure that any entry in a record produced in a permanent form appears in a chronological sequence.
The law practice must ensure that each page of each printed record is numbered sequentially or is printed in such a way that no page can be extracted.
The law practice must ensure that its computerised accounting system is not capable of amending the particulars of a transaction already recorded otherwise than by a transaction separately recorded that makes the amendment.
The law practice must ensure that its computerised accounting system requires input in every field of a data entry screen intended to receive information required by this Part to be included in trust records.

Trustpak Compliant






Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant

Trustpak Compliant


Trustpak Compliant









Copy in the archive




39.


Back-ups, requirements as to


(1)
- (a)

- (b)
- (c)

The law practice must ensure that.
a back-up copy of all records required by this Part is made not less frequently than once each month; and
each back-up is kept by the law practice; and
a complete set of back‑up copies is kept in a separate location so that any incident that may adversely affect the records would not also affect the back‑up copy.


User Responsible

User Responsible
User Responsible





Trustpak allows off-site Backup to Google Drive



Rule
Sub Rule
Description
Compliance
Notes




Division 3 -- General trust accounts


40.


How account to be established and maintained (Act s. 214(2))
All User Responsible


(1)




(2)
- (a)

- (b)
- (c)
--- (i)

--- (ii)

- (d)
(3)

(4)

A law practice may at any time establish a general trust account that satisfies the requirements of this regulation, but must, as soon as practicable after receiving trust money that is required to be paid into a general trust account, establish a general trust account that satisfies those requirements if the practice does not already have such a general trust account.
A general trust account satisfies the requirements of this regulation if:
the account is established in this jurisdiction, before or after the commencement of this regulation, with an ADI; and
the account is and is to be maintained in this jurisdiction; and
the name of the account includes —
the name of the law practice or the business name under which the law practice engages in legal practice; and
the expression “law practice trust account” or "law practice trust a/c";
and
the account is of a kind that is for the time being approved by the Board.
Subregulation (2)(c) does not apply to an account established in this jurisdiction before the commencement of this regulation.
Subregulation (2)(c)(ii) does not require the repetition of the words “law practice” if those words form part of the name or business name of the law practice.

41.


Trust money received, how to be receipted


(1)

(2)
(3)
- (a)
- (b)


(4)



(5)
- (a)
- (b)
- (c)
- (d)
- (e)

- (f)
- (g)

- (h)
--- (i)
(3)


(4)

(5)
(6)
(7)

This regulation applies if a law practice receives trust money that is required to be paid into a general trust account.
After receiving the trust money, the law practice must make out a receipt.
The receipt must be made out as soon as practicable:
after the trust money is received, except as provided by paragraph (b); or
in the case of trust money received by direct deposit - after the law practice receives or accesses notice or confirmation (in written or electronic form) of the deposit from the ADI concerned.
The receipt, containing the required particulars, must be made out in duplicate, whether by way of making a carbon copy or otherwise, unless at the time the receipt is made out those particulars are recorded by computer program in the trust account receipts cash book.
For the purposes of subregulation (4), the required particulars are as follows:
the date the receipt is made out and, if different, the date of receipt of the money
the amount of money received,
the form in which the money was received,
the name of the person from whom the money was received
details clearly identifying the name of the client in respect of whom the money was received and the matter description and matter reference,
particulars sufficient to identify the reason for which the money was received,
the name of the law practice or the business name under which the law practice engages in legal practice and the expression "trust account" or "trust a/c"
the name of the person who made out the receipt.
the number of the receipt,
The receipt must be made out in duplicate unless, when the receipt is made out the particulars referred to in subrule (2) are recorded by a computerised accounting system in the trust account receipts cash book.
The receipt must be given, on request, to the person from whom the trust money was received.
Receipts must be consecutively numbered and issued in consecutive sequence.
If a receipt is cancelled, the original receipt must be kept.
This rule does not apply to controlled money.



User Responsible
User Responsible
User Responsible








Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


User Responsible

Trustpak Compliant
Trustpak Compliant

























42.


Trust money not paid to general trust account by direct deposit, how to be dealt with


(1)


(2)
(3)
- (a)
- (b)
- (c)
- (d)
--- (i)
--- (ii)
--- (iii)
(4)

(5)

This regulation applies if a law practice receives trust money that is required to be paid into a general trust account and the money is not paid into a general trust account by direct deposit.
A deposit record must be produced to the ADI at the time the deposit is made.
The following particulars must be recorded on the deposit record:
the date of the deposit,
the amount of the deposit,
whether the deposit consists of cheques or cash (and the amount of each),
for each cheque:
the name of the drawer of the cheque, and
the name and branch (or BSB number) of the ADI on which the cheque is drawn, and
the amount of the cheque.
The deposit record must be made out in duplicate, whether by way of making a carbon copy or otherwise.
The duplicate deposit record must be kept for each deposit to the general trust account and must be kept in a deposit book or be otherwise securely filed in the order in which the deposits were made.

Trustpak Compliant




Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Deposit Slip











Duplicate in database

43.


Period prescribed (Act s. 215(4))


For the purposes of section 215(4) of the Act, the period for which a written direction mentioned in section 215(2)(a) of the Act must be kept is 7 years after the finalisation of the matter to which the direction relates.

User Responsible

44.


Withdrawal of trust money by electronic funds transfer, how to be dealt with


(1)



(2)

(3)
- (a)

- (b)
- (c)
--- (i)

--- (ii)
(4)
- (a)
- (b)
--- (i)
--- (ii)

--- (iii)
(5)




(6)



(7)

- (a)
- (b)
- (c)


- (d)

- (e)
- (f)
(8)

(9)

(10)

In this regulation
associate means an associate of a law practice;
authorised means authorised by the law practice to effect, direct or give authority for an electronic funds transfer from the general trust account.
This regulation applies to the withdrawal of trust money from a general trust account of a law practice by cheque.
A cheque -
must be made payable to or to the order of a specified person or persons and must not be made payable to bearer or to cash, and
must be crossed "not negotiable" and
must include:
the name of the law practice or the business name under which the law practice engages in legal practice, and
the expression "law practice trust account" or "law practice trust a/c".
A cheque must be signed by:
by an authorised principal of the law practice, or
if such a principal is not available:
by an authorised legal practitioner associate, or
by an authorised Australian legal practitioner who holds an Australian practising certificate authorising the receipt of trust money, or
by 2 or more authorised associates jointly.
A written record of the required particulars (including a record in the form of a cheque butt) must be kept of each payment made by cheque, whether by way of making a carbon copy or otherwise, unless at the time the cheque is issued those particulars are recorded by computer program in the trust account payments cash book.
If, at the time the cheque is issued, the required particulars are recorded by computer program in the trust account payments cash book, a written record must be kept that is sufficient to enable the accuracy of the particulars recorded by the computer program to be verified.
For the purposes of subregulations (5) and (6), the required particulars are as follows:
the date and number of the cheque;
the amount ordered to be paid by the cheque;
the name of the person to whom the payment is to be made or, in the case of a cheque made payable to an ADI, the name of the ADI and the name of the person receiving the benefit of the payment;
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference;
details clearly identifying the ledger account to be debited;
particulars sufficient to identify the purpose for which the payment was made.
Written records relating to payments by cheque (including cheque requisitions) must be kept in the order in which the cheques were issued.
Subregulation (3)(c) does not apply to an account established in this jurisdiction before the commencement of this regulation.
Subregulation (3)(c)(ii) does not require the repetition of the words "law practice" if those words form part of the name or business name of the law practice.








User Respomsible

User Responsible

User Responsible






Trustpak Compliant


Trustpak Compliant




Trustpak Compliant





Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
User Responsible

User Responsible

User Responsible











45.


Withdrawal of trust money by electronic funds transfer, how to be dealt with


(1)



(2)

(3)

- (a)
- (b)
--- (i)
--- (ii)

--- (iii)
(4)


(5)



(6)

- (a)
- (b)
- (c)

- (d)


- (e)

- (f)
- (g)
(7)

In this regulation
associate means an associate of a law practice;
authorised means authorised by the law practice to effect, direct or give authority for an electronic funds transfer from the general trust account.
This regulation applies to the withdrawal of trust money from a general trust account of a law practice by electronic funds transfer.
An electronic funds transfer must be effected by, under the direction of or with the authority of -
an authorised principal of the law practice; or
if such a principal is not available: -
an authorised legal practitioner associate, or
an authorised Australian legal practitioner who holds an unrestricted practising certificate authorising the receipt of trust money; or
2 or more authorised associates jointly.
A written record of the required particulars must be kept of each payment unless at the time the electronic funds transfer is effected those particulars are recorded by computer program in the trust account payments cash book.
If at the time the electronic funds transfer is effected the required particulars are recorded by computer program in the trust account payments cash book, a written record must be kept that is sufficient to enable the accuracy of the particulars recorded by the computer program to be verified.
For the purposes of subregulations (5) and (6), the required particulars are as follows:
the date and number of the transaction;
the amount transferred;
the name and number of the account to which the amount was transferred and relevant BSB number;
the name of the person to whom the payment was made or, for a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference;
details clearly identifying the ledger account to be debited;
particulars sufficient to identify the purpose for which the payment was made.
Written records relating to payments by electronic funds transfer (including transfer requisitions) must be kept in the order in which the transfers were effected.









User Respomsible

User Responsible

User Responsible

Trustpak Compliant


Trustpak Compliant





Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant


Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
User Responsible











46.


Trust account cash books required




- (a)
- (b)

A law practice that keeps a general trust account must keep the following trust account cash books

a trust account receipts cash book in accordance with regulation 47;
a trust account payments cash book in accordance with regulation 48.

47.


Trust account receipts cash book, content of etc.


(1)

- (a)

- (b)
- (c)
- (d)
- (e)
- (f)

- (g)
- (h)
(2)

(3)

(4)

The following particulars must be recorded in a law practice’s trust account receipts cash book in respect of each receipt of trust money
the date a receipt was made out for the money and, if different, the date of receipt of the money,
the receipt number,
the amount of money received,
the form in which the money was received,
the name of the person from whom the money was received,
details clearly identifying the name of the client in respect of whom the money was received and the matter description and matter reference,
particulars sufficient to identify the reason for which the money was received,
details clearly identifying the ledger account to be credited.
The date and amount of each deposit in the general trust account must be recorded in the trust account receipts cash book.
The particulars in respect of receipts must be recorded in the order in which the receipts are made out.
The particulars in respect of a receipt must be recorded within 5 working days counting from and including the day the receipt was made out.



Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant

User Responsible

















48.


Trust account payments cash book, content of etc.


(1)

- (a)
- (b)
- (c)


- (d)

- (e)
- (f)
(2)


- (a)
- (b)
- (c)

- (d)


- (e)

- (f)
- (g)
(3)

(4)

The following particulars must be recorded in a law practice’s trust account payments cash book in respect of each payment of trust money by cheque
the date and number of the cheque;
the amount ordered to be paid by the cheque;
the name of the person to whom the payment is to be made or, in the case of a cheque made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference;
details clearly identifying the ledger account to be debited;
particulars sufficient to identify the purpose for which the payment was made.
The following particulars must be recorded in a law practice’s trust accounts payments cash book in respect of each payment of trust money by electronic funds transfer
the date and number of the transaction;
the amount transferred;
the name and number of the account to which the amount was transferred and the relevant BSB number;
the name of the person to whom the payment was made or, in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference;
details clearly identifying the ledger account to be debited;
particulars sufficient to identify the purpose for which the payment was made.
The particulars in respect of payments must be recorded in the order in which the payments are made.
The particulars in respect of a payment must be recorded within 5 working days counting from and including the day the payment was made.



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant


Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

User Responsible

















49.


Trust ledger accounts, content of etc.


(1)


(2)
- (a)
- (b)
- (c)

(3)
(4)

- (a)

- (b)
- (c)
- (d)
- (e)
(5)

- (a)
- (b)
- (c)


- (d)
(6)

- (a)
- (b)
- (c)

- (d)


- (e)
(7)

- (a)
- (b)
- (c)
- (d)

- (e)
(8)

(9)


(10)

A law practice that maintains a general trust account must keep a trust account ledger containing separate trust ledger accounts in relation to each client of the practice in each matter for which trust money has been received by the practice.
The following particulars must be recorded in the title of a trust ledger account:
the name of the person for or on behalf of whom the trust money was paid;
the person's address;
particulars sufficient to identify the matter in relation to which the trust money was received.
Details of any changes in the title of a trust ledger account must be recorded.
The following particulars must be recorded in the trust ledger account in respect of each receipt of trust money for the matter
the date a receipt was made out for the money and, if different, the date of receipt of the money;
the receipt number;
the amount of money received;
the name of the person from whom the money was received;
particulars sufficient to identify the purpose for which the money was received.
The following particulars must be recorded in the trust ledger account in respect of each payment of trust money by cheque:
the date and number of the cheque;
the amount ordered to be paid by the cheque;
the name of the person to whom the payment is to be made or, in the case of a cheque made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
particulars sufficient to identify the purpose for which the payment was made.
The following particulars must be recorded in the trust ledger account in respect of each payment of trust money by electronic funds transfer
the date and number of the transaction;
the amount transferred;
the name and number of the account to which the amount was transferred and the relevant BSB number;
the name of the person to whom the payment was made or, in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
particulars sufficient to identify the purpose for which the payment was made.
The following particulars must be recorded in the trust ledger account in respect of each transfer of trust money effected by a journal entry
the date of the transfer;
the amount transferred;
the journal reference number;
the name of the other trust ledger account from which or to which the money was transferred;
particulars sufficient to identify the purpose for which the payment was made.
Transactions relating to trust money must be recorded in the trust ledger account in the order in which the transactions occur.
The particulars in respect of a receipt, payment or transfer of trust money must be recorded within 5 working days counting from and including the day the receipt was made out, the payment was made or the transfer was effected, as the case requires.
The trust ledger account balance is to be recorded in the trust ledger account after each receipt, payment or transfer of trust money.

Trustpak Compliant



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant


Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant


Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

User Respomsible


Trustpak Compliant


50.


Transfers of trust money by journal entry, requirements for


(1)


- (a)

- (b)
(2)
- (a)
- (b)
--- (i)
--- (ii)

--- (iii)

- (c)
(3)






(4)

(5)

- (a)
- (b)

- (c)

- (d)
- (e)

(6)
(7)

Trust money may be transferred by journal entry from one trust ledger account in a law practice’s trust ledger to another trust ledger account in the trust ledger, but only if:
the law practice is entitled to withdraw the money and pay it to the other trust ledger account; and
subregulation (2) is complied with.
The transfer must be authorised in writing
by an authorised principal of the law practice; or
if a principal referred to in paragraph (a) is not available
by an authorised legal practitioner associate; or
by an authorised Australian legal practitioner who holds an unrestricted practising certificate authorising the receipt of trust money; or
by 2 or more authorised associates jointly;
or
by an external intervener for the practice.
For the purposes of subregulation (2)
associate means an associate of a law practice;
authorised means authorised by the law practice or an external intervener for the practice to effect, direct or give authority for the transfer of trust money by journal entry from one trust ledger account in the practice’s trust ledger to another trust ledger account in the trust ledger;
external intervener has the same meaning as in section 471 of the Act.
A law practice must keep a trust account transfer journal if it transfers trust money by journal entry.
The following particulars must be recorded in the trust account transfer journal in respect of each transfer of trust money by journal entry:
the date of the transfer,
the trust ledger account from which the money is transferred (including its identifying reference);
the trust ledger account to which the money is transferred (including its identifying reference);
the amount transferred,
particulars sufficient to identify the purpose for which the transfer is made, the matter reference and a short description of the matter.
Journal pages or entries must be consecutively numbered.
A law practice must keep particulars of the authorisation for each transfer of trust money by journal entry, whether in the trust account transfer journal or in some other way.

User Respomsible


User Respomsible

User Respomsible

User Responsible

User Responsible
User Responsible

User Responsible

User Responsible







Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant











51.


Reconciliation of trust records, when required



(1)

(2)

- (a)
--- (i)

--- (ii)
- (b)
--- (i)

--- (ii)


--- (iii)
(3)

(4)

A law practice that maintains one or more general trust accounts must reconcile the trust records relating to the only or each account.
The trust records relating to a general trust account are to be reconciled as at the end of each month by preparing:
a statement:
reconciling the general trust account balance as shown in ADI records with the balance of the practice's trust account cash books, and
showing the date the statement was prepared, and
a statement:
reconciling the balance of the trust ledger accounts with the balance of the practice's trust account cash books; and
containing a list of the practice's trust ledger accounts showing the name, identifying reference and balance of each and a short description of the matter to which each relates; and
showing the date the statement was prepared.
The statements must be prepared within 15 working days after the end of the month concerned.
The statements must be kept by the law practice.






Trustpak Compliant

Trustpak Compliant

Trustpak Compliant

Trustpak Compliant


Trustpak Compliant
User Responsible

Trustpak Compliant


















Trustpak saves a copy of the reconciliation

52.


Trust ledger account in name of law practice or legal practitioner associate, when permitted



(1)


(2)
- (a)


- (b)


(3)



(4)

A law practice must not maintain a trust ledger account in the name of the practice or a legal practitioner associate of the practice except as authorised by this regulation.
A law practice may maintain in its trust ledger:
a trust ledger account in the practice's name, but only for the purpose of aggregating in the account, by transfer from other accounts in the trust ledger, money properly due to the practice for legal costs; and
a trust ledger account in a legal practitioner associate's name, but only in respect of money in which the associate has a personal and beneficial interest as a vendor, purchaser, lessor or lessee or in another similar capacity.
In a case to which subregulation (2)(a) applies, the law practice must ensure that the money in the trust ledger account is withdrawn from the general trust account not later than one month after the day on which the money was transferred to the trust ledger account.
In a case to which subregulation (2)(b) applies, the law practice must ensure that the money in the trust ledger account is withdrawn from the general trust account at the conclusion of the matter to which the money relates.





Trustpak Compliant


Trustpak Compliant


User Responsible



Trustpak Compliant












53.


Board to be notified of opening etc. of general trust account

User Responsible

All sub rules are user responsible




Division 4 - Controlled money


54.


How controlled money accounts to be maintained (Act s. 218(4))



(1)

- (a)
- (b)
- (c)

(2)

For the purposes of section 218(4) of the Act, a controlled money account must be maintained under an account name that includes the following particulars:
the name of the law practice concerned,
the expression "controlled money account" or the abbreviation "CMA" or "CMA/c",
such particulars as are sufficient to identify the purpose of the account and to distinguish the account from any other account maintained by the law practice.
This regulation does not apply to an account established in this jurisdiction before the commencement of this regulation.



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant





55.


Controlled money received, how to be receipted



(1)
(2)

(3)
(4)
- (a)
- (b)


(5)



(6)
- (a)
- (b)
- (c)
- (d)
- (e)

- (f)
- (g)

- (h)

- (i)
- (j)
(7)


(8)

(9)
(10)
(11)

This regulation applies if a law practice receives controlled money.
The law practice must operate a single controlled money receipt system for the receipt of controlled money for all its controlled money accounts.
After receiving controlled money, the law practice must make out a receipt.
The receipt must be made out as soon as practicable:
after the controlled money is received, except as provided by paragraph (b); or
in the case of controlled money received by direct deposit - after the law practice receives or accesses notice or confirmation (in written or electronic form) of the deposit from the ADI concerned.
The receipt, containing the required particulars, must be made out in duplicate, whether by way of making a carbon copy or otherwise, unless at the time the receipt is made out those particulars are recorded by computer program in the register of controlled money.
For the purposes of subregulation (5), the required particulars are as follows
the date the receipt is made out and, if different, the date of receipt of the money
the amount of money received,
the form in which the money was received,
the name of the person from whom the money was received
details clearly identifying the name of the client in respect of whom the money was received and the matter description and matter reference,
particulars sufficient to identify the reason for which the money was received,
the name of and other details clearly identifying the controlled money account to be credited, unless the account has not been established by the time the receipt is made out;
the name of the law practice, or the business name under which the law practice engages in legal practice, and the expression "controlled money receipt";
the name of the person who made out the receipt.
the number of the receipt,
If the controlled money account to be credited has not been established by the time the receipt is made out, the name of and other details clearly identifying the account when established must be included on the duplicate receipt (if any).
The original receipt must be delivered, on request, to the person from whom the controlled money was received.
Receipts must be consecutively numbered and issued in consecutive sequence.
If a receipt is cancelled or not delivered, the original receipt must be kept.
A receipt is not required to be made out for any interest or other income received from the investment of controlled money and credited directly to a controlled money account.

Trustpak Compliant


User Responsible

User Responsible
User Responsible


Trustpak Compliant




Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
User Responsible


User Responsible

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant












56.


Period prescribed (Act s. 218(5))


For the purposes of section 218(5) of the Act, the prescribed period for which a written direction referred to in section 218(1) of the Act is to be kept is 7 years after finalisation of the matter to which the direction relates.

User Responsible

57.


Withdrawal of controlled money from controlled money account



(1)



(2)

- (a)
- (b)
--- (i)
--- (ii)

--- (iii)
(3)
(4)



(5)
- (a)
- (b)
- (c)


- (d)

- (e)

- (f)
- (g)
(6)

In this regulation
associate means an associate of a law practice;
authorised means authorised by the law practice to effect, direct or give authority for a withdrawal of money from the controlled money account.
A withdrawal of money from a controlled money account of a law practice must be effected by, under the direction of or with the authority of:
an authorised principal of the law practice, or
if such a principal is not available:
an authorised legal practitioner associate; or
an authorised Australian legal practitioner who holds an unrestricted practising certificate authorising the receipt of trust money; or
2 or more authorised associates jointly.
A written record of the required particulars must be kept of each withdrawal.
If, at the time the withdrawal is made, the required particulars are recorded by a computerised accounting system, a written record must be kept that is sufficient to enable the accuracy of the particulars recorded by the computerised accounting system to be verified.
For the purposes of this rule, the "required particulars" are as follows:
the date and number of the transaction,
the amount withdrawn,
in the case of a withdrawal by cheque, the name of the person to whom payment is to be made or, if the cheque is made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
in the case of a withdrawal by electronic funds transfer, the name and number of the account to which the amount was transferred and the relevant BSB number,
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference,
particulars sufficient to identify the reason for which the payment was made,
the person or persons effecting, directing or authorising the withdrawal.
The particulars are to be recorded in the order in which the withdrawals are made and are to be recorded separately for each controlled money account.







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User Responsible

User Responsible
Trustpak Compliant
User Responsible




Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant

Trustpak Compliant

Trustpak Compliant
Trustpak Compliant
Trustpak Compliant












58.


Register of controlled money



(1)


(2)

(3)

- (a)
- (b)
- (c)
- (d)
(4)

- (a)
- (b)
- (c)
- (d)
- (e)
- (f)
- (g)
- (h)

(5)



(6)

(7)


(8)

- (a)
--- (i)
--- (ii)

--- (iii)
- (b)

If a law practice receives controlled money, it must maintain a register of controlled money for the records of controlled money movements for all its controlled money accounts.
A separate record of controlled money movements must be maintained for each controlled money account.
A record of controlled money movements for a controlled money account must record the following information:
the name of the person on whose behalf the controlled money is held,
the person's address,
particulars sufficient to identify the matter,
any changes to the information referred to in paragraphs (a)-(c).
The following particulars must be recorded in a record of controlled money movements for a controlled money account:
the date the controlled money was received,
the number of the receipt,
the date the money was deposited in the controlled money account,
the name of and other details clearly identifying the controlled money account,
the amount of controlled money deposited,
details of the deposit sufficient to identify the deposit,
interest received,
details of any payments from the controlled money account, including the particulars required to be recorded under these Rules.
With the exception of interest and other income received in respect of controlled money, particulars of receipts and payments must be entered in the register as soon as practicable after the controlled money is received by the law practice or any payment is made.
Interest and other income received in respect of controlled money must be entered in the register as soon as practicable after the law practice is notified of its receipt.
The law practice must keep as part of its trust records all supporting information (including ADI statements and notifications of interest received) relating to controlled money.
Within 15 working days after each month, the law practice must prepare and keep as a permanent record a statement as at the end of the month:
containing a list of the practice's controlled money accounts showing:
the name, number and balance of each account in the register, and
the name of the person on whose behalf the controlled money in each account was held, and
a short description of the matter to which each account relates, and
showing the date the statement was prepared.

Trustpak Compliant


Trustpak Compliant



Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant


Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant
Trustpak Compliant

User Responsible



User Responsible

User Responsible


User Responsible


Trustpak Compliant
Trustpak Compliant

Trustpak Compliant
Trustpak Compliant

These are holding accounts

Each CMA has a seperate ledger