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Trust reconciliations –deadlines extended

This year has been a difficult one for law practices, barrister’s clerks and external examiners, all of whom have faced challenges dealing with the consequences of COVID-19. We have had many enquiries about managing trust accounts and clients during the Stage 4 lockdown. Issues have included access to records in the office, computerised accounting systems not connected to the cloud and access for bookkeepers to maintain and update records. We understand that your trust records may not, therefore, be up to date. 

Due to these challenges, we are extending the deadline for completing all records, including the December 2020 trust reconciliations until 21 January 2021. While bringing your records up to date, please remember your obligations to notify us of any deficiencies and trust irregularities to trustgroup@lsbc.vic.gov.au. You don’t need to tell us about other record keeping delays that have occurred. Further specific information about this will be provided to external examiners prior to reporting next year.

We continue to be here to support you. Please refer to our website for more information or email trustgroup@lsbc.vic.gov.au with specific trust account queries.  You can also access the free services and information provided by the LIV with their Trust Consulting and Quality Assurance Program and COVID-19-Hub.  

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