Public Trustee Regulation 2023

This regulation may be cited as the Public Trustee Regulation 2023.

This regulation commences on 1 September 2023.

The dictionary in schedule 2 defines particular words used in this regulation.

For section 19(1)(c) of the Act, the annual rate of interest for an amount other than a term deposit amount is stated in schedule 1.

The annual rate of interest for a term deposit amount other than a class 2 amount is the 6 month term deposit rate.

For a term deposit amount that is a class 2 amount, the annual rate of interest is—

if a rate is allowed by order of a court—the rate allowed or the 6 month term deposit rate, whichever is the higher rate; or

if paragraph (a) does not apply and a rate equal to or more than the 6 month term deposit rate is agreed on by the public trustee and the person paying the amount to the public trustee—the rate agreed; or

if paragraphs (a) and (b) do not apply—the 6 month term deposit rate.

Interest is calculated on the daily balance of the amount held in the common fund for an estate under administration.

In this section—

6 month term deposit rate—

for a period from 1 April to 30 September in a year—means the reserve bank rate for the month of February immediately preceding the period; or

for a period from 1 October in a year to 31 March in the following year—means the reserve bank rate for the month of August immediately preceding the period.

reserve bank rate means the retail deposit and investment rate of interest for 6 month bank term deposits published by the Reserve Bank of Australia on its website.

term deposit amount means the part of the amount held in the common fund for an estate under administration that the public trustee considers is not required at call or to meet short term or unforeseen liabilities of the estate.

For section 25(3)(b) of the Act, an investment a trustee may invest trust funds in under the Trusts Act 1973 is prescribed.

For section 41(8) of the Act, the remuneration of an advisory trustee is the remuneration agreed by the public trustee and the advisory trustee.

Subsection (1) applies subject to the trust instrument for the estate under administration.

Note—

See section 41(8) of the Act in relation to the court’s power to make an order about the remuneration of an advisory trustee.

Part 8 of the Act applies to an unclaimed superannuation benefit if each accountable person holding the benefit is either—

a corporation within the meaning of the Corporations Act taken to be registered in Queensland under that Act; or

an individual whose principal place of carrying on the business of holding benefits in an approved deposit fund or regulated superannuation fund is in Queensland.

Part 8 of the Act also applies to an unclaimed superannuation benefit if—

3 or more accountable persons hold the benefit; and

not all, but at least 1, of the accountable persons holding the benefit is a person mentioned in subsection (1)(a) or (b); and

the principal place for administering the fund in which the benefit is held is in Queensland.

The application of part 8 of the Act under this section extends to the following matters and persons—

an unclaimed superannuation benefit situated outside Queensland, whether or not in Australia;

anything done, entered into or happening outside Queensland, whether or not in Australia, in relation to an unclaimed superannuation benefit;

an accountable person, a member of a fund or a beneficiary situated or residing outside Queensland, whether or not in Australia.

The public trustee must prepare a regular statement of account for each estate under administration or other matter in the Public Trust Office.

The public trustee may—

give an interested person a copy of the regular statement of account free of charge; and

at the request of the interested person and on payment of the appropriate fee, give the interested person—

extra copies of the regular statement of account; or

a copy of a statement of account other than a regular statement of account.

In this section—

appropriate fee, for a copy of a statement of account, means the fee decided by the public trustee, being not more than the reasonable cost to the public trustee of providing a copy of the statement of account.

interested person means a person the public trustee considers has a right to, or an interest in, a regular statement of account for an estate under administration or other matter in the Public Trust Office.

regular statement of account means a statement of account for an estate under administration or other matter in the Public Trust Office—

prepared by the public trustee at the times the public trustee considers appropriate for a statement of account to be prepared for the estate under administration or matter; and

covering the period the public trustee considers appropriate for a statement of account for the estate under administration or matter to cover.

The public trustee may set a scale of fees for legal services provided by the official solicitor.

In setting the amount of a fee for a legal service, the public trustee must set an amount that gives a fair and reasonable level of remuneration for the service having regard to—

the nature and complexity of the service; and

the number, type and importance of documents perused or prepared for the service; and

the care, skill and specialised knowledge required, and the responsibility carried out, in providing the service; and

the time spent in providing the service.

An amount received for a fee for a legal service provided by the official solicitor must be paid into the common fund.

In this section—

legal services includes conveyancing services.

The public trustee may remit all or part of a fee payable under the Act.

However, if the Minister directs the public trustee that the fee may not be remitted, the public trustee must not remit any part of the fee.

The public trustee may decide the design of the corporation’s seal.

A document executed by the public trustee must be executed in a way that shows the public trustee’s appointment or authority to act.

In this section—

document includes a transfer, mortgage, lease and agreement.