Where and how do we calculate and report the statutory deposit requirement?
Details regarding statutory deposit requirements are contained in division 6 of part 3.3 of the Legal Profession Act 2004. They include: • Section 3.3.63 – calculation of the statutory deposit. • The requirement to carry out the calculation each quarter (a deposit is not required in a quarter if the calculation is less than $10,000). The Legal Services Board can monitor the balance in your general trust bank account and the balance in your statutory deposit account and request further deposits if necessary. Questions regarding the statutory deposit should be directed to the Legal Services Board (phone: 03 9679 8000). For more information, practitioners are recommended to refer to the Q&A Guide to complying with the Legal Profession Act 2004.
