From 2017 the trust year in both NSW and Victoria will end on 31 March and trust money statements should be lodged by 30 April. External examiners must lodge their reports by 15 May each year. Announcing the changes, Dale Boucher, CEO said: 'The Council and local regulators have taken an important step forward to harmonise the rules in NSW and Victoria'.
In a further step toward harmonisation, the Legal Services Council and local regulators have agreed on a common timetable for the trust accounts year, lodgement of trust money statements and external examiners reports. The new dates come into effect in 2017.
From time to time law practices request an extension of time for the lodgement of report. Any such written request is to be dealt with directly and at the discretion of the local regulatory authority. The Legal Services Council may review the practices of participating States in relation to the granting of extensions from time to time.