Trust account statements
52 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 and written direction money) is held or controlled by the law practice or an associate of the practice.
Where relevant, the law practice must give the person a separate statement for—
each trust ledger account, and
each record of controlled money movements, and
each record of dealings with the money that is the subject of a power to which the law practice or an associate of the law practice is a party.
A trust account statement is to contain particulars of—
all the information required to be kept under the Uniform Law or these Rules 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 is to be given—
as soon as practicable after completion of the matter to which the ledger account or record relates, and
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, and
except as provided by subrule (5) or (6), as soon as practicable after 30 June in each year.
The law practice is not required to give a trust account statement under subrule (4)(c) in respect of a ledger account or record if at 30 June the balance of the ledger account or record is zero and—
no transaction affecting the ledger account or record has taken place within the previous 12 months, or
a trust account statement has been furnished within the previous 12 months and no transaction affecting the ledger account or record has taken place since the last statement was furnished.
Without limiting subrule (5), the law practice is not required to give a trust account statement under subrule (4)(c) in respect of a ledger account or record kept in a jurisdiction if at 30 June immediately before the commencement day for that jurisdiction—
the ledger account or record has been open for less than 6 months, or
a trust account statement has been furnished within the previous 12 months and there has been no subsequent transaction affecting the ledger account or record,
but this subrule expires immediately before the first anniversary of that commencement day.
The law practice must keep a copy of a trust account statement given under this rule.
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