Fidelity Fund contributions - Victorian Legal Services Board + Commissioner

Fidelity Fund contributions

Who must contribute?

The Board may from time to time determine different classes of lawyers as ‘contributor classes’ for the purposes of the Fidelity Fund. Persons falling into the relevant contributor classes are required to make an annual contribution to the Fidelity Fund.

The Board must determine the amount of the contribution for each contributor class annually. In determining the contribution amount the Board may have regard to any advice of an actuary engaged by the Board and the solvency level of the Fidelity Fund. If at any time the Board believes that the Fidelity Fund credit is insufficient to meet its liabilities, the Board may impose a levy upon classes of legal practitioners. Lawyers who hold a current Victorian practising certificate and who are liable to make a contribution must pay this amount with their practising certificate fee.

Persons who are liable to make a contribution who do not hold a Victorian practising certificate are required to pay their contribution directly to the Board.

Contributions

2017-18 year

The following table sets out the classes of person required to pay a contribution to the Fidelity Fund, and the amount payable, for the period 1 July 2017 to 30 June 2018. This has been determined by the Board under section 128(2) of the Legal Profession Uniform Law Application Act 2014 (Vic) and sections 225 (2) and (3) of the Legal Profession Uniform Law (Victoria).

For the purpose of assessing contribution classes, ‘trust money’ does not include ‘controlled money’ or ‘transit money’ referred to in section 129 of the Uniform Law.

Class Type Contribution
1 Australian legal practitioner/Approved clerk
Authorised to receive trust money – received trust money exceeding $500,000

Approved clerks or holders of an Australian practising certificate that:

  • are authorised to receive trust money; and
  • received, or was a principal, employee or a director of a law practice that received trust money exceeding $500,000 in total during the year ending on 31 October 2016.
$516
2 Australian legal practitioner
Principal practising certificate not authorised to receive trust money – Law practice that received trust money exceeding $500,000

Holders of an Australian principal practising certificate that authorises the person to engage in legal practice but:

  • does not authorise the receipt of trust money; and
  • are a principal, employee or a director of a law practice that received trust money exceeding $500,000 in total during the year ending on 31 October 2016.
$516
3 Australian legal practitioner/Approved clerk
Authorised to receive trust money – received trust money not exceeding $500,000

Approved clerks or holders of an Australian practising certificate that:

  • are authorised to receive trust money; and
  • received, or were a principal, employee or a director of a law practice that received trust money within the range of $Nil – $500,000 in total during the year ending on 31 October 2016.
$258
4 Australian legal practitioner
Principal practising certificate not authorised to receive trust money – law practice that received trust money not exceeding $500,000

Holders of an Australian principal practising certificate that authorises the person to engage in legal practice but:

  • does not authorise the receipt of trust money; and
  • are a principal, employee or a director of a law practice that received trust money within the range of $Nil – $500,000 in total during the year ending on 31 October 2016.
$258
5 Employee practising certificate and not authorised to receive trust money
The holder of an Australian employee practising certificate that authorises the person to engage in legal practice but does not authorise the receipt of trust money and who is employed by a law practice that is authorised to receive trust money.
$129
6 Exempt entities
Barristers, government legal practitioners, corporate legal practitioners, sole practitioners not authorised to receive trust money, employee practitioners/foreign lawyers employed by a sole practitioner or law practice not authorised to receive trust money, interstate practitioners, and employees/volunteers at community legal services.
Nil
7 Foreign lawyer
Authorised to receive trust money – received trust money exceeding $500,000
Holders of an Australian registration certificate that:

  • are and expect to be an associate of a law practice during its currency; and
  • who received, or were a principal, employee or a director of a law practice that received trust money exceeding $500,000 in total during the year ending on 31 October 2016.
$516
8 Foreign lawyer
Authorised to receive trust money – received trust money not exceeding $500,000
Holders of an Australian registration certificate that:

  • are and expect to be an associate of a law practice during its currency; and
  • who received, or were a principal, employee or a director of a law practice that received trust money within the range of $Nil – $500,000 in total during the year ending on 31 October 2016.
$258

 

Last modified July 17, 2017.