sec.53Trust account statements

### sec.53 Trust account statements A law practice must give 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 or an associate. For trust money in relation to which the law practice is required to keep a trust ledger account, the practice must give a separate statement for each trust ledger account. For controlled money in relation to which the law practice is required to keep a record of controlled money movements, the practice must give a separate statement for each record. For trust money subject to a power given to the law practice or an associate in relation to which the practice is required to keep a record of all dealings with the money to which the practice or associate is a party, the practice must give a separate statement for each record. A trust account statement must contain particulars of— all the information required to be kept under this division 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 must be given— after completion of the matter to which the ledger account or record relates; or 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; or subject to subsection (7) , after 30 June in each year. The law practice is not required to give a trust account statement under subsection (6) (c) in relation to a ledger account or record if at 30 June— the ledger account or record has been open for less than 6 months; or the balance of the ledger account or record is zero and no transaction affecting the account has taken place within the previous 12 months; or a trust account statement has been given within the previous 12 months and there has been no subsequent transaction affecting the ledger account or record. The law practice must keep a copy of a trust account statement given under this section. (sec.53-ssec.1) A law practice must give 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 or an associate. (sec.53-ssec.2) For trust money in relation to which the law practice is required to keep a trust ledger account, the practice must give a separate statement for each trust ledger account. (sec.53-ssec.3) For controlled money in relation to which the law practice is required to keep a record of controlled money movements, the practice must give a separate statement for each record. (sec.53-ssec.4) For trust money subject to a power given to the law practice or an associate in relation to which the practice is required to keep a record of all dealings with the money to which the practice or associate is a party, the practice must give a separate statement for each record. (sec.53-ssec.5) A trust account statement must contain particulars of— all the information required to be kept under this division in relation to the trust money included in the relevant ledger account or record; and the remaining balance (if any) of the money. (sec.53-ssec.6) A trust account statement must be given— after completion of the matter to which the ledger account or record relates; or 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; or subject to subsection (7) , after 30 June in each year. (sec.53-ssec.7) The law practice is not required to give a trust account statement under subsection (6) (c) in relation to a ledger account or record if at 30 June— the ledger account or record has been open for less than 6 months; or the balance of the ledger account or record is zero and no transaction affecting the account has taken place within the previous 12 months; or a trust account statement has been given within the previous 12 months and there has been no subsequent transaction affecting the ledger account or record. (sec.53-ssec.8) The law practice must keep a copy of a trust account statement given under this section. - (a) all the information required to be kept under this division in relation to the trust money included in the relevant ledger account or record; and - (b) the remaining balance (if any) of the money. - (a) after completion of the matter to which the ledger account or record relates; or - (b) 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; or - (c) subject to subsection (7) , after 30 June in each year. - (a) the ledger account or record has been open for less than 6 months; or - (b) the balance of the ledger account or record is zero and no transaction affecting the account has taken place within the previous 12 months; or - (c) a trust account statement has been given within the previous 12 months and there has been no subsequent transaction affecting the ledger account or record.