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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia Trustee Legislation (GST Consequential Amendments) Bill 2000 CONTENTS Part 1 -- Preliminary 1. Short title 2 2. Commencement 2 Part 2 -- Public Trustee Act 1941 amended 3. The Act amended 3 4. Section 38 amended 3 5. Section 40 amended 3 Part 3 -- Trustee Companies Act 1987 amended 6. The Act amended 4 7. Section 18 amended 4 8. Section 20A inserted 6 9. Schedule 3 amended 7 page i 150--1 Western Australia LEGISLATIVE ASSEMBLY Trustee Legislation (GST Consequential Amendments) Bill 2000 A Bill for An Act to amend the Public Trustee Act 1941 and the Trustee Companies Act 1987. The Parliament of Western Australia enacts as follows: page 1 Trustee Legislation (GST Consequential Amendments) Bill 2000 Part 1 Preliminary s. 1 Part 1 -- Preliminary 1. Short title This Act may be cited as the Trustee Legislation (GST Consequential Amendments) Act 2000. 5 2. Commencement This Act comes into operation on the day on which it receives the Royal Assent. page 2 Trustee Legislation (GST Consequential Amendments) Bill 2000 Public Trustee Act 1941 amended Part 2 s. 3 Part 2 -- Public Trustee Act 1941 amended 3. The Act amended The amendments in this Part are to the Public Trustee Act 1941*. [* Reprinted as at 8 September 1993. 5 For subsequent amendments see 1999 Index to Legislation of Western Australia, Table 1, pp. 204-5.] 4. Section 38 amended (1) Section 38(2)(a) is amended as follows: (a) in subparagraph (i) by deleting "$30" and inserting 10 instead -- " $33 "; (b) in subparagraph (ii) by deleting "10 per centum" and inserting instead -- " 11% "; 15 (c) in subparagraph (iii) by deleting "$200 or 4 per centum" and inserting instead -- " $220 or 4.4% ". (2) Section 38(2)(b)(ii) is amended by deleting "6 per centum" and inserting instead -- 20 " 6.6% ". 5. Section 40 amended Section 40(3a) is amended as follows: (a) by deleting "shall" and inserting instead -- " may "; 25 (b) by deleting "6 per centum" and inserting instead -- " up to 6.6% ". page 3 Trustee Legislation (GST Consequential Amendments) Bill 2000 Part 3 Trustee Companies Act 1987 amended s. 6 Part 3 -- Trustee Companies Act 1987 amended 6. The Act amended The amendments in this Part are to the Trustee Companies Act 1987*. 5 [* Reprinted as at 1 November 1999.] 7. Section 18 amended After section 18(9) the following subsections are inserted -- " (10) If -- 10 (a) a trustee company provides a service in respect of the administration or management of an estate in a capacity referred to in subsection (1); (b) the administration or management of the estate commenced before the transition date; 15 (c) the company charges, after the commencement time, a commission or other charge for the service that was set before the transition date; (d) the company is prevented from increasing the commission or charge by subsection (2); and 20 (e) GST is payable by the company on the service, the company may increase the commission or charge -- (f) during that part of the New Tax System transition period that occurs after the 25 commencement time -- to the extent necessary to offset the consequences to the company of the New Tax System changes in relation to the service, that arise during that period; and (g) after that period -- by 10%. page 4 Trustee Legislation (GST Consequential Amendments) Bill 2000 Trustee Companies Act 1987 amended Part 3 s. 7 (11) In this section -- "commencement time" means the time at which the Trustee Legislation (GST Consequential Amendments) Act 2000 comes into operation; 5 "GST" has the meaning given by section 195-1 of the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth; "input tax credit" has the meaning given by section 195-1 of the A New Tax System (Goods 10 and Services Tax) Act 1999 of the Commonwealth; "New Tax System changes" has the meaning given by the New Tax System Price Exploitation Code text applying as a law of this State under the New Tax System Price Exploitation Code (Western 15 Australia) Act 1999; "New Tax System transition period" has the meaning given by the New Tax System Price Exploitation Code text applying as a law of this State under the New Tax System Price Exploitation Code (Western 20 Australia) Act 1999; "transition date", for an estate, means -- (a) if, at the commencement time, the estate is entitled to a full input tax credit for the company's services -- 8 July 1999; or 25 (b) if, at the commencement time, the estate is not so entitled -- 2 December 1998. ". page 5 Trustee Legislation (GST Consequential Amendments) Bill 2000 Part 3 Trustee Companies Act 1987 amended s. 8 8. Section 20A inserted After section 20 the following section is inserted -- " 20A. Fees and commissions -- effect of GST etc. 5 (1) If -- (a) a trustee company provides a service for an estate or an investor in relation to particular funds invested as part of an Estate Common Trust Fund or an Investment Common Trust 10 Fund; (b) those funds were invested before the transition date; (c) the company charges, after the commencement time, a fee or commission for the service that 15 was set before the transition date; (d) the company is prevented from increasing the fee or commission by section 19(14) or 20(12) (whichever is relevant); and (e) GST is payable by the company on the service, 20 the company may increase the fee or commission -- (f) during that part of the New Tax System transition period that occurs after the commencement time -- to the extent necessary to offset the consequences to the company of 25 the New Tax System changes in relation to the service, that arise during that period; and (g) after the period -- by 10%. (2) In this section -- "commencement time" means the time at which the 30 Trustee Legislation (GST Consequential Amendments) Act 2000 comes into operation; page 6 Trustee Legislation (GST Consequential Amendments) Bill 2000 Trustee Companies Act 1987 amended Part 3 s. 9 "GST" has the meaning given by section 195-1 of the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth; "input tax credit" has the meaning given by 5 section 195-1 of the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth; "New Tax System changes" has the meaning given by the New Tax System Price Exploitation Code text applying as a law of this State under the New Tax 10 System Price Exploitation Code (Western Australia) Act 1999; "New Tax System transition period" has the meaning given by the New Tax System Price Exploitation Code text applying as a law of this State under the 15 New Tax System Price Exploitation Code (Western Australia) Act 1999; "transition date", for an estate or an investor, means -- (a) if, at the commencement time, the estate or 20 investor is entitled to a full input tax credit for the company's services -- 8 July 1999; or (b) if, at the commencement time, the estate or investor is not so entitled -- 2 December 1998. 25 ". 9. Schedule 3 amended After clause 3 of Schedule 3 the following clauses are inserted -- " 30 3A. If -- (a) an existing company provides a service for an estate referred to in clause 2 (other than a service to which Part IV applies because of clause 4); page 7 Trustee Legislation (GST Consequential Amendments) Bill 2000 Part 3 Trustee Companies Act 1987 amended s. 9 (b) the company charges, after the commencement time, a commission or fee that it is entitled to under clause 3; (c) the company is prevented from increasing the fee or 5 commission because of the continued application of a provision of the relevant repealed Act; and (d) GST is payable by the company on the service, the company may increase the commission or fee -- (e) during that part of the New Tax System transition 10 period that occurs after the commencement time -- to the extent necessary to offset the consequences to the company of the New Tax System changes in relation to the service, that arise during that period; and 15 (f) after the period -- by 10%. 3B. In clause 3A -- "commencement time" means the time at which the Trustee Legislation (GST Consequential Amendments) Act 2000 comes into operation; 20 "GST" has the meaning given by section 195-1 of the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth; "New Tax System changes" has the meaning given by the New Tax System Price Exploitation Code text applying 25 as a law of this State under the New Tax System Price Exploitation Code (Western Australia) Act 1999; "New Tax System transition period" has the meaning given by the New Tax System Price Exploitation Code text applying as a law of this State under the New Tax 30 System Price Exploitation Code (Western Australia) Act 1999. ".
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