Wednesday, May 27, 2009

Is it possible to obtain an exemption from making a deposit to the Prescribed Account?

Law practices are exempt, pursuant to s70(5) of the Legal Profession Regulation 2007 (LPR) from making a deposit to the prescribed account if the lowest amount of trust money held in the previous calendar year was less than $3,000.00.

For this purpose, the amount of trust money held on any day is the cumulative balance of the approved ADI general trust accounts kept by the law practice and the amount deposited to the Prescribed Account.

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