The NSW Parliament has passed legislation to change the timing of statutory deposits under the Legal Profession Uniform Law Application Regulation 2015. Law practices now need to perform the calculation on a quarterly rather than annual basis.
The first quarterly period under the amended Regulation ends on 30 June 2019. Law practices have 20 banking days after the end of each period to perform the calculation and make any adjustments.
The Law Society website provides further information about statutory deposit requirements, including a deposit calculator. The Trust Accounts Department is also available to respond to any queries on (02) 99260337 or at firstname.lastname@example.org.