Queensland Law Society

Deliver trust account statements after 30 June 2016

A law practice is required to furnish a trust account statement to each person for whom or on whose behalf trust money (other than transit money) is held or controlled by the law practice. A trust account statement is to be furnished as soon as practicable after 30 June in each year.

Statements may be delivered electronically and the law practice must retain a copy of the trust account statement furnished under Regulation 53.

Exemptions for furnishing statements exist for ledger accounts:

  • that have been opened for less than six months;
  • where the balance is zero and no transactions have taken place within the previous 12 months, and
  • where a trust account statement has been furnished within the previous 12 months and no subsequent transactions have occurred.

To review the entire content of this regulation please refer to Legal Profession Regulation 2007 or Section 4.11 of the Trust Accounting Guide for a summary of the regulation.