Public Trustee Regulations 2019

Public Trustee Regulations 2019

17 December 2019

I, the Governor in and over the State of Tasmania and its Dependencies in the Commonwealth of Australia, acting with the advice of the Executive Council, make the following regulations under the Public Trustee Act 1930.

These regulations may be cited as the Public Trustee Regulations 2019.

These regulations take effect on 21 December 2019.

In these regulations – Act means the Public Trustee Act 1930;GST means the goods and services tax as defined in the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth; property includes real and personal property.

Property is taken to be in the hands of the Public Trustee if the Public Trustee is lawfully authorised to administer or deal with that property.

For the purposes of the Act, if a person is required to sign his or her name and is unable to sign his or her name –

the person is to make his or her mark where he or she is required to sign; and another person is to attest, on the same document, that the document was read out and explained to the person making his or her mark.

If an advisory trustee is appointed in accordance with section 22 of the Act, the advisory trustee is to be remunerated, subject to the provisions of a relevant trust instrument, at a rate – subject to paragraph (b), that is determined by the Public Trustee with the agreement of the trustees; and that does not exceed 2% of the gross capital value of the estate of which the person is the advisory trustee.

Unless otherwise specified, the remuneration determined under subregulation (1) is determined exclusive of GST.

In this regulation – specified charges means the fees, commissions, remunerations and charges specified in Schedule 1.

A specified charge in respect of a matter, or service, for which the specified charge is so specified in Schedule 1 is the maximum amount, exclusive of GST, that the Public Trustee may receive for that matter or service.

For the purposes of calculating a specified charge, a deduction is not to be made, from the amount in respect of which the charge is being calculated, for – legal or equitable charges on property; or the expenses of a realisation of assets.

If a specified charge is payable in respect of an estate, matter or service, the Public Trustee may deduct the specified charge from money held by the Public Trustee in the estate, matter or service that represents – capital; or income; or both capital and income.

In addition to a specified charge that the Public Trustee is entitled to receive under the Act, the Public Trustee is entitled to reimbursement for any reasonable expense incurred in respect of – an estate, matter or service; and an estate for which representation is not obtained.

For the purposes of section 17(2) of the Act, the form specified in Schedule 2 is the prescribed form.

For the purpose of the following sections of the Act, the following amounts are prescribed:

for section 20(1) the prescribed amount is $80 000;

for section 20(4)(a) the prescribed amount is $85 000;

for section 20A(1) the prescribed amount is $30 000;

for section 20A(5) the prescribed amount is $35 000;

for section 32(1)(y) the prescribed amount is $20 000;

for section 34(1)(b) the prescribed amount is $20 000;

for section 56(c) the prescribed amount is $20 000;

for section 63(1) the prescribed amount is $20 000;

for section 74(1) the prescribed amount is $60 000.