Statutory Deposit Calculator for New General Trust Account
If the general trust account was opened during the previous applicable period:
(a) Review the authorised ADI statements from the account opening date to the end of the previous applicable period to determine the minimum balance. Note: The opening balance of nil should not be used as the minimum balance.
(b) If the minimum balance is less than $10,000, there is no requirement to lodge a statutory deposit. The position is not required to be reviewed again until the next applicable period.
(i) If the minimum balance is $10,000 or greater, this minimum balance is your statutory deposit. The statutory deposit should be rounded up to the next hundred dollars. The deposit is required to be made not later than 20 banking days after the end of the previous applicable period.
(ii) Complete a further calculation as per (a) above for the period beginning with the end of the previous applicable period to 15 banking days thereafter. If the minimum balance is lower than the minimum balance calculated in (a) above but is still over $10,000, then you are only required to deposit 80% of the lower minimum balance. If you are unable to deposit this amount, see the Legal Accounting Handbook - Chapter 14.6 “Insufficient Funds to Make Statutory Deposit” for the procedures. If the minimum balance is less than $10,000, then no statutory deposit is required.
(d) A Statutory Deposit ledger account should be established to record this transaction and all subsequent transactions. This transaction will be recorded as a debit entry.
(e) The statutory deposit must be maintained at this level until the next applicable period except where a withdrawal is made. (See the Legal Accounting Handbook - Chapter 14.7 “Withdrawals from Statutory Deposit During any Applicable Period” for the procedures.)