LEGAL PROFESSION ACT 2004 (NO 99 OF 2004) - SECT 3.3.63 Required deposit amount
LEGAL PROFESSION ACT 2004 (NO 99 OF 2004) - SECT 3.3.63
Required deposit amount(1) Subject to sub-section (2), the required deposit amount under this Division for a law practice or an approved clerk in respect of a quarter is the amount calculated in accordance with the following formula—
0·7 (A + B)
where—
A is the lowest daily balance of the trust account of the law practice or approved clerk at any time during the previous quarter;
B is the amount held on deposit with the Board under this Division on account of the law practice or approved clerk on the last day of the previous quarter.
(2) If the amount calculated in accordance with the formula in sub-section (1) for a law practice or an approved clerk in respect of any quarter is less than $10 000, the required deposit amount under this Division for the practice or clerk in respect of that quarter is zero.