Only 10 business days left to register your Scheme status before the new Scheme year starts
Private law practice Scheme Co-ordinator principals would have received a number of emails from us inviting them to make an application for the 2021-2022 Scheme year, which commences on 22 November 2021. If they have not already done so, Scheme Co-ordinators should now access the online Scheme portal and make their law practice’s application for registration of participation in, or exemption from, the Scheme. Our team is here to help you. Please call us on 02 9926 0189 if you have any questions or would like assistance when accessing the portal.

New ID requirement for directors
Director ID applications opened on Monday 1 November 2021 via the new Australian Business Registry Services (ABRS). A director ID is a unique identifier that a director will apply for once and keep forever, which will help prevent the use of false or fraudulent director identities. All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director ID.

In regard to directors of companies registered under the Corporations Act, the date people must apply for their director ID will depend on when they become a director:

• Existing directors have until 30 November 2022 to apply,
• New directors appointed between 1 November 2021 and 4 April 2022 must apply within 28 days of their appointment, and
• From 5 April 2022, intending directors must apply before they are appointed.

The ABRS is responsible for administering director ID. ASIC is responsible for enforcing four new director ID offences under the Corporations Act 2001. The ABRS will provide support and guidance to directors to assist them to understand and meet their director ID obligation. Please visit their website for more information about director ID.

Cybercrime alert
The Trust Accounts Department has been made aware of four more incidents: three of which involve either the law practices’ computers or the clients’ computers being hacked, and the Rule Changes being made in Outlook. The three incidents involved amounts of $270,000, $70,000 and $19,000. In the fourth incident, being very recent and still being investigated; it would appear the computer was hacked and $28,000 transferred from the law practice’s trust account to an employee’s personal account. Read more.

Decisions of Interest Bulletin - Court of Appeal