Tasmanian Numbered Regulations
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PUBLIC TRUSTEE REGULATIONS 2019 (S.R. 2019, NO. 77) - SCHEDULE 1
- Maximum fees, commissions, remunerations and charges receivable
SCHEDULE 1 - Maximum fees, commissions, remunerations and charges receivable
Regulation 6
PART 1 - Interpretation
1. Interpretation
In this Schedule capital commission , chargeable on a matter,
means the commission that may be charged on the gross capital value of the
matter;
percentage , of an estate, means the amount equal to that percentage
of the assets, gross capital, income, fund, money or the whole of the estate,
as may be specified.
PART 2 - Charges on capital
Division 1 - Estate of deceased persons
1. Except as
provided in item 2 (a) the maximum rate of capital commission
chargeable in respect of an estate if the Public Trustee is, or is taken to
be, the executor or administrator of the estate, is the sum of (i)
4.09% on the first $200 000 of the gross capital value of the estate or
part of that amount; and
(ii) 3.18% on the next $200 000 of the gross
capital value of the estate or part of that amount; and
(iii) 2.27% on the
next $200 000 of the gross capital value of the estate or part of that
amount; and
(iv) 1.36% on the gross capital value of the estate in excess of
$600 000; and
(b) the maximum rate of capital commission chargeable on an
interest of the deceased person in the principal place of residence, and the
household furniture and household effects in that residence, that are
transferred or conveyed to the surviving spouse of the deceased person, is 2%
of the deceased persons interest in the residence.
2. The maximum rate of capital commission chargeable on
assets (a) situated outside Tasmania; and
(b) comprised in an
estate of which the Public Trustee is the principal executor or
administrator
is 2% of value of the assets, if the Public
Trustees grant in respect of those assets is required to be resealed in
another State or a Territory of the Commonwealth.
3. Despite items 1 and 2, if the application of the rates
specified in items 1 and 2 results in a maximum commission of less than
$5 000 for an estate (a) those rates do not apply to the
estate; and
(b) the maximum commission for the estate is $5 000.
Division 2 - Trusts
4. The maximum rate of capital
commission chargeable on a deed of trust or of a settlement, ante-nuptial or
otherwise, is 2% of the value.
5. The maximum charge on each amount received by the Public
Trustee under section 16 of the Act, is 3% of the amount so received.
6. The maximum charge on the gross value of assets in
respect of which the Public Trustee is custodian trustee, is the sum
of (a) 0.5% on the first $50 000 of the assets or part of
that amount; and
(b) 0.25% on the assets in excess of $50 000.
Division 3 - Miscellaneous
7. The maximum rate of capital
commission chargeable on money paid to the Public Trustee to be held or
administered in terms of a court order or otherwise is the sum of
(a) 2.5% on the first $100 000 of the money or part of that amount; and
(b) 2% on the next $400 000 of the money or part of that amount; and
(c)
1% on the money in excess of $500 000.
8. The maximum rate of capital commission chargeable on an
estate administered and realised under the
Guardianship and Administration Act 1995 , if the Public Trustee is or is
taken to be the executor or administrator of the estate, is the sum
of (a) 4.09% on the first $200 000 of the estate or part of
that amount; and
(b) 3.18% on the next $200 000 of the estate or part of
that amount; and
(c) 2.27% on the next $200 000 of the estate or part of
that amount; and
(d) 1.36% on the estate in excess of $600 000.
9. The maximum charge on the gross value of property that is
the whole, or part, of an estate administered under the
Guardianship and Administration Act 1995 which is not realised but is
transferred to the person entitled, or to his or her personal representative,
on the termination of the Public Trustees administration, is 2% of the
value of the property.
10. The maximum charge on money paid to the Public Trustee
at the discretion of trustees, or managers, of a superannuation, retirement or
provident fund or other similar scheme, for the administration on behalf of
the beneficiaries, is 3% of the money so paid.
11. Subject to item 12, the maximum rate of capital
commission chargeable on proceeds collected on a policy of insurance, in
respect of damage to property or loss by fire or otherwise, that are retained
and administered by the Public Trustee, is the sum of (a) 4.09% on
the first $200 000 of the proceeds or part of that amount; and
(b) 3.18%
on the next $200 000 of the proceeds or part of that amount; and
(c)
2.27% on the next $200 000 of the proceeds or part of that amount; and
(d) 1.36% on the proceeds in excess of $600 000.
12. Despite item 11, if commission is collected by the
Public Trustee in respect of property to which item 11 applies, the maximum
rate of capital commission chargeable on proceeds collected on a policy of
insurance, held in respect of the property, is the maximum charge calculated
under item 11 in respect of the property less the commission collected under
that item in respect of the property.
13. The maximum charge on book debts collected by the Public
Trustee is (a) if the debts are subject to an authorised charge
for collection, 3% of the debt; or
(b) in all other cases, 6% of the debt.
PART 3 - Charges on income
1. In this Part gross
income includes (a) capital gains realised, less the capital loss
suffered arising from an investment in the common fund or another common
investment fund maintained by the Public Trustee; and
(b) the gross income
derived from a business carried on by the Public Trustee.
2. The maximum charge on gross income received by the Public
Trustee, including interest paid in respect of an account at credit in the
common fund or another common investment fund maintained by the Public
Trustee, is, subject to items 3 and 4, 6% of the gross income.
3. The maximum charge on gross income, received by the
Public Trustee, that is subject to an authorised charge for collection, is 3%
of the gross income.
4. The maximum charge on a Commonwealth pension, or
superannuation pension, paid to the Public Trustee is 6% of the pension.
PART 4 - Particular charges
1. The maximum rate of
commission chargeable on the capital or income of an estate, realised by a
former executor, administrator, trustee or person acting in a fiduciary
capacity and subsequently vested in the Public Trustee, is 2% of the capital
or income of the estate.
2. If the assets of an estate or matter are administered or
dealt with by the Public Trustee in more than one capacity, or an asset
consists of a share in another estate administered by the Public Trustee, the
maximum charge on the second or subsequent administration or dealing of the
asset is 2% of the asset.
3. The maximum rate of capital commission chargeable on
capital received by the Public Trustee as attorney or agent, or on property
dealt with by the Public Trustee in any way in that capacity, is the sum
of (a) 4.09% on the first $200 000 of the capital or part of
that amount; and
(b) 3.18% on the next $200 000 of the capital or part of
that amount; and
(c) 2.27% on the next $200 000 of the capital or part of
that amount; and
(d) 1.36% on the capital in excess of $600 000.
PART 5 - Investment management fees
1. The maximum charge on
the gross value of assets of the common fund or another common investment fund
maintained by the Public Trustee is 2% of the value of assets per year.
2. The maximum management fee on assets invested by the
Public Trustee in any capacity, except as executor or administrator of a
deceased estate, is 2% of the gross value of the capital per year.
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