Am I still required to issue general account receipts in respect to funds received to my general account?

Prior to 1 July 2007, law practices were required, pursuant to Rule 91 of the Legal Profession (Solicitor) Rule 2006, to issue general account receipts . The Legal Profession (Solicitor) Rule 2006 was repealed on 30 June 2007 and there is no equivalent requirement in the Legal Profession (Solicitors) Rule, which commenced on 1 July 2007.

Whilst there is no longer a legislative requirement to issue general account receipts for money received by law practices that is deposited to a law practice general or business account, it is good accounting practice to issue general account receipts and it is strongly suggested that law practices do so.