oa De Rebus - Have you paid your dues? : practice management

Volume 2014, Issue 540
  • ISSN : 0250-0329



Section 78(3) of the Attorneys Act 53 of 1979 obliges practitioners to pay any interest earned on deposits in trust accounts in terms of s 78(1) and (2) over to the Attorneys Fidelity Fund (AFF). The AFF has, at its discretion, allowed the following in this regard: Practitioners may deduct 100% of the allowable bank charges incurred on the s 78(1) funds and pay over the net interest to the AFF. However, if the bank charges incurred exceed the interest earned on the s 78(1) funds, the practitioner bears the cost.

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