Australian Capital Territory Numbered Regulations Australian Capital Territory Numbered Regulations(1) In this division:
"trust accounting year" means a period of 12 months commencing on 1 April.
(2) In this division, a reference to the notional amount standing to the credit of the general trust account of a law practice on the day immediately before the date fixed for section 71 (1) (Law practice to deposit part of trust money with law society) is a reference to the lowest amount that stood to the credit of the account at any time during the 6 months immediately before that date.
(3) In this division, a reference to the notional amount standing to the credit of the general trust account of a law practice on the last day of a year is a reference to the lowest amount that stood to the credit of the account at any time during that year.
(4) For the period beginning on the date fixed for section 71 (1) and ending on the next 31 March, this division applies as if that period were a year.
(5) If a law practice keeps more than 1 general trust account in accordance with this division, a reference in this division to the general trust account kept by the law practice is a reference to each general trust account kept by the law practice.
(6) If a law practice has—
(a) in the 6 months immediately before the date fixed for section 71 (1); or
(b) in any year;
kept 2 or more general trust accounts, the law practice is taken, for this division, to have kept, during the period for which the practice kept the general trust accounts, only 1 general trust account and the amount that stood, on any day during that period, to the credit of the general trust account that the practice is to be taken to have kept is taken, for this division, to be the total of the amounts that stood to the credit of the bank accounts that were in fact kept by the law practice on that day.
(7) For this division, the amount standing to the credit of a general trust account on a day is the amount shown by the bank statement in relation to the account as standing to the credit of the account on that day.
(8) For this division, the amount of any trust money paid into the general trust account kept by a law practice and subsequently paid by the practice into a special trust account in accordance with the instructions of the client from whom, or on whose behalf, the money was received must not be taken into account in working out the lowest amount that stood to the credit of that general trust account at any time.