Trust account reporting reminder: Law practice declaration (Part A)
24 April 2018
All law practices are required to give a statement stating whether or not the law practice has, during the 12-month period ended 31 March 2018, received or held trust money.
If a law practice did not hold or receive trust money during the 12-month period ended 31 March 2018, the completed Part A Declaration is due to be lodged by 30 April 2018.
Note: If the only trust money received or held by the law practice during the 12-month period ended 31 March 2018 is transit money or money received into or held in a PEXA source account, the law practice’s trust records for that year are not required to be externally examined.
Arrangements should be made to lodge any outstanding Part A declarations as a matter of priority.
If a law practice did hold or receive trust money during the 12-month period ended 31 March 2018, the law practice is required to complete Part A and Part B of QLS Form 4 Law Practice Declaration and Trust Money Statement. The completed QLS Form 4 is then to be provided to the external examiner with all necessary schedules. The external examiner will then attach the completed QLS Form 4 to the completed QLS Form 5 External Examiner’s Report.
The External Examiner’s Report is due to be lodged by 31 May 2018.
Please phone QLS Trust Account Investigations on 07 3842 5908 for more information.