48Trust account statements

48 Trust account statements

(1)  A law practice must 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 or an associate of the practice.

(2)  In the case of trust money in respect of which the law practice is required to maintain a trust ledger account, the practice must furnish a separate statement for each trust ledger account.

(3)  In the case of controlled money in respect of which the law practice is required to maintain a record of controlled money movements, the practice must furnish a separate statement for each record.

(4)  In the case of trust money that is subject to a power given to the law practice or an associate of the practice in respect of 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 furnish a separate statement for each record.

(5)  A trust account statement is to contain particulars of –

(a) all the information required to be kept under this Part in relation to the trust money included in the relevant trust ledger account or record; and

(b) the remaining balance (if any) of the money.

(6)  A trust account statement is to be furnished –

(a) as soon as practicable after completion of the matter to which the trust ledger account or record relates; or

(b) 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.

(7)  A law practice is to furnish a trust account statement under subregulation (1) as soon as practicable after 30 June in each year unless at that date –

(a) the trust ledger account or record has been open for less than 6 months; or

(b) the balance of the trust 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 furnished within the previous 12 months and there has been no subsequent transaction affecting the trust ledger account or record.