SCHEDULE 1 - Maximum fees, commissions, remunerations and charges payable to Public Trustee

Regulation 6

PART 1 - Interpretation

1.    In this Schedule, a reference to a percentage is a reference to an amount equal to that percentage of the assets, income, fund, money or the whole of the estate as indicated in the context.

PART 2 - Charges on capital

Division 1 - Estate of deceased persons

1.     –

(a) Except as provided in item 2 , on the gross capital of an estate in respect of which the Public Trustee's charges are not provided for in this Schedule, if the Public Trustee is, or is taken to be, the executor or administrator –

(i) 4% on the first $100 000 or part of that amount; and

(ii) 3% on the next $200 000 or part of that amount; and

(iii) 2% on the next $200 000 or part of that amount; and

(iv) 1% on the excess over $500 000.

(b) On the value as determined by the Public Trustee of an interest of the deceased person in the principal matrimonial home, and the household furniture and household effects in that home, that are transferred or conveyed to the surviving spouse, 2%.

2.    On the gross value of all assets situated outside Tasmania and comprised in an estate of which the Public Trustee is the principal executor or administrator, if the Public Trustee's grant in respect of those assets is required to be resealed in another State or a Territory of the Commonwealth, 2%.

3.    If an application of the rates specified in item 1 or 2 results in a commission of less than $300 –

(a) those rates do not apply; and

(b) the maximum commission is $300.

Division 2 - Trusts

4.    On the gross capital in the case of a deed of trust or of a settlement, ante-nuptial or otherwise, 2%.

5.    On each amount received by the Public Trustee under section 16 of the Act, 3%.

6.    On the gross value of assets in respect of which the Public Trustee is custodian trustee –

(a) on the first $50 000 or part of that amount, 0.5%; and

(b) in excess of $50 000, 0.25%.

7.    On the realisation of assets in respect of which the Public Trustee is custodian trustee, an additional fee or charge as specified by the Public Trustee, having regard to the complexity and responsibility of the work involved.

Division 3 - Miscellaneous

8.     –

(a) On money received as compensation or damages under an Act or court order which is immediately payable to, or for the benefit of, the person entitled, the maximum commission payable is to be $150.

(b) On money to be held or administered in terms of a court order or otherwise –

(i) 2.5% on the first $100 000 or part of that amount; and

(ii) 2% on the next $400 000 or part of that amount; and

(iii) 1% on the excess over $500 000; and

(iv) any other or additional fee or charge as determined by the Public Trustee, taking into account the complexity and responsibility of the work involved.

(c) If an application of the rates specified in paragraph (b) results in a commission of less than $100 –

(i) those rates do not apply; and

(ii) the maximum commission is $100.

9.    On the gross capital of an estate administered and realised under the Guardianship and Administration Act 1995 , an establishment fee not exceeding $500 and a commission of –

(a) 4% on the first $100 000 or part of that amount; and

(b) 3% on the next $200 000 or part of that amount; and

(c) 2% on the next $200 000 or part of that amount; and

(d) 1% on the excess over $500 000.

10.    On the gross value of property that is the whole or a 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 Trustee's administration, 2%.

11.    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 administration on behalf of the beneficiaries, 3%.

12.    If proceeds collected on a policy of insurance in respect of damage to property or loss by fire or otherwise are retained and administered by the Public Trustee –

(a) 4% on the first $100 000 or part of that amount; and

(b) 3% on the next $200 000 or part of that amount; and

(c) 2% on the next $200 000 or part of that amount; and

(d) 1% on the excess over $500 000.

13.    If commission was charged in respect of a property so affected, an amount equal to the difference between that commission and the commission referred to in paragraph (a), (b) or (c) of item 12 .

14.    If the proceeds collected on a policy of insurance are expended in replacing or repairing the property, an additional charge of 2%.

15.    On book debts collected by the Public Trustee, 6% or, if the debts are subject to an authorised charge for collection, 3%.

PART 3 - Charges on income

1.    In this Part –

gross income includes –

(a) capital gain realised, reduced by 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.    Subject to items 3 and 4 , 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, 6%.

3.    On gross income received by the Public Trustee that is subject to an authorised charge for collection, 3%.

4.    On a Commonwealth pension or superannuation pension paid to the Public Trustee, 6%.

PART 4 - Particular charges

1.    On the capital or income of an estate realised by a former executor, administrator, trustee or person acting in a fiduciary capacity subsequently vested in the Public Trustee, 2%.

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 fee or charge payable in respect of the second or subsequent administration of those assets is 2%.

3.    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, except if a special rate or fee is agreed with the principal, an establishment fee of $300 and in addition a commission of –

(a) 4% on the first $100 000 or part of that amount; and

(b) 3% on the next $200 000 or part of that amount; and

(c) 2% on the next $200 000 or part of that amount; and

(d) 1% on the excess over $500 000.

4.    For a service, matter or performance of a duty or function by the Public Trustee pursuant to an Act or order of a court or as otherwise required by law, if no fee or charge is specified in this Schedule or is otherwise determined, a charge as agreed or, in the absence of agreement, as the Public Trustee determines.

PART 5 - Additional charges

1.    In addition to the charges on capital and income provided by Parts 2 , 3 and 4 , the Public Trustee may make further charges as follows:

(a) charges prescribed or permitted by rules or orders made under the Administration and Probate Act 1935 , or under any other Act, for work in respect of a testate, or intestate, estate if –

(i) the work is performed by an Australian lawyer, or an Australian legal practitioner, who is an employee of the Public Trustee; and

(ii) the net value of the estate –

(A) exceeds $2 000; or

(B) does not exceed $2 000 but the Public Trustee determines that the work involves a sufficient degree of complexity and responsibility;

(b) despite other fees, charges or remuneration specified in this Schedule, for the preparation of a return in respect of an estate duty, death duties, gift duty or similar duties or income tax, an hourly fee that the Public Trustee may determine;

(c) a fee the Public Trustee may determine, taking into account the complexity and responsibility of the work involved, for services rendered by the Public Trustee in respect of an estate for –

(i) tracing missing beneficiaries or next of kin; or

(ii) the attempted realisation of assets at the request of beneficiaries, if the assets are transferred or delivered in specie to the beneficiaries; or

(iii) the carrying on of a business pending realisation; or

(iv) services in connection with elections and notional estate; or

(v) work in respect of the management, inspection, improvement, arranging for repairs and other similar work performed by or on behalf of the Public Trustee in each year or part of a year in relation to land (whether freehold, leasehold or otherwise); or

(vi) any work not specified in this Schedule;

(d) subject to an order of a court or a judge, for each consent to act as guardian ad litem or for acting as a nominal party in a legal proceeding, a fee that the Public Trustee may determine taking into account the complexity and responsibility of the work involved;

(e) if the Public Trustee administers an estate, trust or fund, the Public Trustee may charge an hourly or other fee determined by the Public Trustee in respect of work for which the fee or commission otherwise provided for in this Schedule is insufficient to cover costs incurred by the Public Trustee;

(f) for all work performed in an estate or matter for which no other fee or charge is specified in this Schedule, a fee that the Public Trustee may determine, taking into account the complexity and responsibility of the work involved.

2.    Despite item 1 , in respect of work performed by an Australian lawyer, or an Australian legal practitioner, employed by the Public Trustee as an employee for obtaining a grant of probate or administration or for resealing a grant, the fees payable are the fees the Public Trustee may determine, either generally or in a particular case.

PART 6 - Investment management fees

1.    On the gross value of assets of the common fund or another common investment fund maintained by the Public Trustee –

(a) in the case of a mortgage investment, 2% per year; or

(b) in any other case, 1% per year.

2.    On assets invested by the Public Trustee in any capacity except as executor or administrator of a deceased estate, a management fee on the gross value of the capital of –

(a) in the case of a mortgage investment, 2% per year; or

(b) in any other investment, 1% per year.