NSW Statutory Trust Deposit

NSW Legal Society statutory deposit

Under s46 of the Legal Profession Uniform Law Application Act 2014 and s9 of the Legal Profession Uniform Law Application Regulation 2015, NSW law firms are required to deposit a prescribed amount, out of the money that is held in a general trust account, into an ADI account maintained by the NSW Law Society. Your firm is required to make deposits into the statutory deposit account by March 31, June 30, September 30, and December 31 of each year.

Step 1: Calculate the amount to be deposited

1. Go to the NSW Statutory Deposit Calculator on the NSW Law Society's website.
2. Calculate the amount that needs to be deposited into the statutory deposit account.
3. Pay the amount owing into the NSW Law Society's ADI account.

Step 2: Record the payment in Clio Manage

1. Confirm that the NSW rules are turned on for your account. 
2. Create a new company contact for The Law Society of New South Wales. Learn more about creating contacts here.
3. Create a new matter for the contact. Learn more about creating matters here.
   
   • Under Matter description, enter Statutory Trust Deposit.
   • Under Practice area, select Statutory Trust.
4. If you do not already have a trust funds bank account in your Clio account, create a new one. Learn more about creating trust funds accounts here.
5. Record a new transaction from the general trust account into the matter. Learn more about recording trust funds transactions here.
   
   • Under Amount, enter the amount that you paid to The Law Society of New South Wales.
   • Under Client, select The Law Society of New South Wales.
   • Under Matter, select the matter for The Law Society of New South Wales.
   • Under Source/Recipient, enter The Law Society of New South Wales.
   • Under Description, enter Statutory Deposit.