28/11/2024 Law practice end of financial year requirements include completion of the Statement Regarding the Receipt or Holding of Trust Money and may include an external examination of the accounts and records by a Designated Person. Read more | 28/11/2024 12:00:00 AM |
18/11/2024 A law practice can invest funds for a client if lawfully directed to do so. Knowing limitations and avoiding unnecessary risks is critical for the law practice and to protect trust money. Read more | 18/11/2024 12:00:00 AM |
18/11/2024 Reconciling the trust bank account is a critical control which should highlight all errors or omissions made while recording any information in any of the books of account or made in the trust bank account during the preceding month. This time sensit Read more | 18/11/2024 12:00:00 AM |
18/11/2024 Law practices are required to conduct a CTA calculation twice in each year to determine whether a deposit is required to be made to the CTA. Failure to meet this key requirement may result in interest liabilities. Read more | 18/11/2024 12:00:00 AM |
15/11/2024 Controlled money is trust money a law practice must deposit into a specific account as directed by a client in writing, with exclusive control, distinct from a general trust bank account. Read more | 15/11/2024 12:00:00 AM |
15/11/2024 The provisions of the South Australian legislation and regulations relating to trust money and trust accounts standardise the records required to be kept by practitioners. Read more | 15/11/2024 12:00:00 AM |
15/11/2024 Legal practitioners who are executors, attorney’s, trustees, or guardians other than in a private and personal capacity, have specific requirements to ensure proper trust records are maintained of all financial dealings. Read more | 15/11/2024 12:00:00 AM |
15/11/2024 A law practice receives money when it gains possession or control directly, indirectly or through an associate. There are various ways in which trust money can be received, affecting clearance times, and each carrying risk. Read more | 15/11/2024 12:00:00 AM |
15/11/2024 A law practice may only permit payments to be made from the general trust bank account by cheque or by electronic funds transfer (EFT) to another bank account. Read more | 15/11/2024 12:00:00 AM |
15/11/2024 General Trust Bank Accounts (Statutory Deposit Accounts) are not permitted to have credit or debit card functionality. The law practice therefore has two options in making payments of Court fees via the electronic CourtSA System. Read more | 15/11/2024 12:00:00 AM |
15/11/2024 A law practice that receives trust money for deposit to the general trust bank account, must deposit the funds without delay and retain proper records of the deposit. Read more | 15/11/2024 12:00:00 AM |
15/11/2024 Law practices may facilitate payments of trust money using EFT (using BSB and Account Number), including BPAY (using the BPAY Biller Code and BPAY reference number), and PayID (using a PayID nominated by the payer), but only via internet banking, not Read more | 15/11/2024 12:00:00 AM |
15/11/2024 Discover the essential information a law practice must capture when preparing a trust receipt for all trust money received that is to be paid into a general trust bank account or controlled money account. Read more | 15/11/2024 12:00:00 AM |
15/11/2024 The individual trust ledger account is a key accounting document that contains all transactions (receipts, payments, and transfer journal entries) relating to the one client matter and provides a detailed financial history of that matter. Read more | 15/11/2024 12:00:00 AM |
15/11/2024 Trust cheques must be crossed (two parallel lines) and marked, “Not Negotiable,” to prevent mis-use. Read more | 15/11/2024 12:00:00 AM |
15/11/2024 A bill may be in the form of a lump sum or an itemised bill. Read more | 15/11/2024 12:00:00 AM |
15/11/2024 A law practice is required to furnish a Trust Account Statement to each person for whom trust money is held, including power money, controlled money, investments, and funds in the general trust bank account. Read more | 15/11/2024 12:00:00 AM |
15/11/2024 Paying money and payments from the general trust bank account carries inherent risk and requires care and attention at every step. Proper authorisation, checks, balances, and controls can help reduce numerous risks. Complete records are essential to Read more | 15/11/2024 12:00:00 AM |
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15/11/2024 A law practice can internally transfer funds from one matter to another and deliver third party cheques to the payee when key requirements are met including proper authorisation and record keeping. Read more | 15/11/2024 12:00:00 AM |
15/11/2024 Flowcharts to pay Third Party Disbursements from Trust, to pay Reimbursements of Disbursements from Trust and to pay Legal Costs from Trust, excluding Reimbursement of Disbursements Read more | 15/11/2024 12:00:00 AM |
15/11/2024 Law practices must maintain a trust account cash receipts book and a cash payment book. A combined cashbook is acceptable if transactions are recorded in order and comply with the regulations. All law practice trust receipts and payments must be reco Read more | 15/11/2024 12:00:00 AM |
15/11/2024 Regulation 45 states that legal costs may be withdrawn from a general trust account or a controlled money account by withdrawal with authority; withdrawal on issue of bill; or for reimbursement of money paid. Read more | 15/11/2024 12:00:00 AM |
14/11/2024 Discover essential steps to take immediately after a trust account compromise. Learn about effective preventative measures and how to support staff through the recovery process. Read more | 14/11/2024 12:00:00 AM |
22/10/2024 Legal practitioners must consider statutory and professional obligations when contracting third parties for client services. This advice introduced on 7 February 2023, outlines key considerations. Read more | 22/10/2024 12:00:00 AM |
22/10/2024 The Society offers three online Trust Accounting courses for Members and Non-members, eligible for CPD points in Practice Management/Business Skills. Read more | 22/10/2024 12:00:00 AM |
21/10/2024 Daily and monthly routines for trust account management are essential for compliance. This includes recording transactions, reconciling accounts, and ensuring proper documentation and security. Read more | 21/10/2024 12:00:00 AM |
21/10/2024 Contravention Notices (CN1, CN2, CN3) require corrective actions to prevent further issues. CN3 triggers immediate investigation. Law Practice Compliance Investigators ensure compliance and prevent fraud through routine and specific investigations Read more | 21/10/2024 12:00:00 AM |
21/10/2024 When changing trust bank accounts, preserve the audit trail. Open a new account, transfer funds, manage the existing account, and close it properly. Concurrent accounts must be handled with care. Read more | 21/10/2024 12:00:00 AM |
21/10/2024 This documentation provides information about computerised trust accounting software programs and the regulatory requirements for computerised record keeping, including software compliance and keeping back ups. Read more | 21/10/2024 12:00:00 AM |
21/10/2024 Regular reconciliation of the office account is crucial to ensure proper fund allocation and to avoid undetected trust funds. Monthly reconciliations are recommended to prevent regulatory contraventions. Read more | 21/10/2024 12:00:00 AM |
21/10/2024 Data migration of trust balances requires careful planning and supervision to ensure continued trust compliance and guard against errors or omissions. Read more | 21/10/2024 12:00:00 AM |
18/10/2024 Establishing a legal practice involves setting up a legal entity, meeting ILP requirements, using approved ADIs for trust accounts, and managing changes like ceasing to practice or closing accounts. Read more | 18/10/2024 12:00:00 AM |
18/10/2024 Serious trust account irregularities like fraud of misappropriation must be reported to the Society immediately. Legal practitioners have a statutory duty to report any irregularities promptly. Read more | 18/10/2024 12:00:00 AM |
16/09/2024 In 2018, the Society adopted recommendations to ease regulatory burdens on practitioners, exempting law practices from specific requirements under Regulation 56 of the Legal Practitioners Regulations 2014. Read more | 16/09/2024 12:00:00 AM |