Wednesday, 25 March 2026
Introduction
This page explains how ACT law practices are required to calculate, manage, and pay trust money into the Society’s Statutory Deposit Account (SDA). It outlines the statutory calculation method, key timeframes, available exemptions and deferrals, options to seek a variation, and requirements for payment and refunds.
Calculation
- Between 1 April 2026 and 30 June 2026, each law practice must calculate the amount of trust money payable to the Society’s Statutory Deposit Account (‘SDA’) (LPR reg 71(2)-(3)). The amount paid is held by the Society on trust for each practice and can be repaid at any time, as required.
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To assist with the calculation, please use the Statutory Deposit Calculation Form.
Exemption
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If at 31 March 2026 the Society holds no funds in the SDA for the practice (and the practice’s notional amount for the trust accounting year is less than $3,000.00) the practice is not required to deposit any funds into the SDA, but must nonetheless submit the Statutory Deposit Calculation Form.
Deferral
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If at 30 June 2026 a practice holds insufficient funds in its general trust account to meet the deposit obligation at that time, the practice can defer payment of the amount owing to a subsequent quarter end when funds are available i.e. 30 September, 31 December, 31 March (LPR reg 73).
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Where a practice wishes to avail itself of the deferral, please notify the Society in writing (trustaccounts@actlawsociety.asn.au).
Variation to Notional Amount
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A practice can apply to the Council for approval to vary the notional amount that would otherwise be used in the calculation (LPR reg 74). Note that the variation requested is a variation to the notional amount, not variation to the actual amount payable, though a variation to the notional amount will affect the amount payable.
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Applications for variation can be prepared using the Statutory Deposit Variation Request form.
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Applications will be considered by the Council and the applicant will be notified of the Council’s decision once made.
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An application for variation must be received before 30 June 2026. The SDA calculation form must not be submitted before the outcome of the variation application is known.
Payment
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Any amount payable must be transferred by EFT to the SDA by 30 June 2026.
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The SDA account details are included on the SDA calculation form.
Return of SDA Funds
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Where the amount held in the SDA exceeds the amount payable by the practice in accordance with the SDA calculation formula, the practice can request a return of the excess (LPR s 72(3)-(4)). The request is made on the SDA calculation form itself.
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Practices are not obligated to request refunds; trust money can be held in the SDA indefinitely, until required.
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Should a withdrawal of funds from the SDA be required at any other time throughout the year (LPR reg 72(1)-(2)), please use the Statutory Deposit Return of Funds Request form.
