Northern Territory Consolidated Regulations Northern Territory Consolidated Regulations(1) This regulation has effect for section 257 of the Act for the keeping in a permanent form of a law practice's trust records in relation to trust money received by the practice.
(2) The trust records must be kept for a period of 7 years after:
(a) in the case of a trust record mentioned in paragraphs (a) to (m) of the definition "trust records" in section 235(1) of the Act – the only or the last transaction entry in the trust record; or
(b) in the case of any other trust record – finalisation of the matter to which the trust record relates.
(3) This regulation does not apply to a written direction mentioned in section 246(2)(a) or 248(1) of the Act.