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- 2/3rds of the lowest combined balance of trust funds in a calendar year must be remitted to the Department of Justice & Attorney General’s prescribed account by 21st January the following year.
- The most important thing is getting the calculation correct.
- The calculated amount is then rounded down to the lower even hundred of dollars. e.g.
Lowest combined balance in previous calendar year | $9,408.00 |
Two-thirds of lowest combined balance | $6,272.00 |
Required deposit amount | $6,200.00 |
Methods of calculation of special deposits differ between the Australian states, so it is important to know what applies to your firm. For example, the NSW calculation is based on the audit year from 1 April to 31 March, the threshold for the calculation of the lowest balance is $10, 000 however if the lowest balance is over $10 000, 80% of that lowest balance should be lodged.
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