Queensland Consolidated Regulations

LEGAL PROFESSION REGULATION 2017 - REG 34

34 Receipting of trust money

(1) This section applies if a law practice receives trust money that is required to be paid into a general trust account.

(2) After receiving the trust money, the law practice must make out a receipt.

(3) The receipt must be made—

(a) after the trust money is received, except as provided by paragraph (b) ; or

(b) for trust money received by direct deposit—after the law practice receives or accesses notice or confirmation, in written or electronic form, of the deposit from the ADI concerned.

Note—

Under section 18 of the Act , if no time is provided or allowed for doing something under the Act , the thing is to be done as soon as practicable.

(4) The receipt, containing the required particulars, must be made out in duplicate, whether by way of making a carbon copy or otherwise, unless at the time the receipt is made out the required particulars are recorded by computer program in the trust account receipts cash book.

(5) For subsection (4) , the following particulars are
"required particulars" —

(a) the date the receipt is made out and, if different, the date of receipt of the money;

(b) the amount of money received;

(c) the form in which the money was received;

(d) the name of the person from whom the money was received;

(e) details clearly identifying the name of the client in relation to whom the money was received and the matter description and matter reference;

(f) particulars sufficient to identify the purpose for which the money was received;

(g) the name of the law practice, or the business name under which the law practice engages in legal practice, and the expression ‘trust account’ or ‘trust a/c’;

(h) the name of the person who made out the receipt;

(i) the number of the receipt.

(6) The original receipt must be delivered, on request, to the person from whom the trust money was received.

(7) Receipts must be consecutively numbered and issued in consecutive sequence.

(8) If a receipt is cancelled or not delivered, the original receipt must be kept.