Public Trustee Amendment Regulations 2000

Public Trustee Amendment Regulations 2000

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 section 78 of the Public Trustee Act 1930 .

13 June 2000

G. S. M. GREEN

Governor

By His Excellency's Command,

P. J. PATMORE

Minister for Justice and Industrial Relations

1.   Short title

These regulations may be cited as the Public Trustee Amendment Regulations 2000 .

2.   Commencement

These regulations take effect on the day on which their making is notified in the Gazette.

3.   Principal Regulations

In these regulations, the Public Trustee Regulations 1999 are referred to as the Principal Regulations.

4.    Regulation 3 amended (Interpretation)

Regulation 3(1) of the Principal Regulations is amended by inserting after the definition of Act the following definition:

GST means the goods and services tax as defined in the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth;

5.    Regulation 7 substituted

Regulation 7 of the Principal Regulations is rescinded and the following regulation is substituted:

7.   Remuneration of advisory trustees

(1)  Subject to the provisions of any trust instrument, advisory trustees are to be remunerated at a rate, not exceeding 2% of the gross capital of the estate of which they are trustees, determined by The Public Trustee with the agreement of the trustees.

(2)  The rate of remuneration specified in subregulation (1) excludes any GST payable in respect of that matter.

6.    Regulation 8 amended (Maximum fees, commissions, remunerations and charges)

Regulation 8(1) of the Principal Regulations is amended by inserting "excluding any GST payable in respect of those matters" after "Schedule".

Displayed and numbered in accordance with the Rules Publication Act 1953.

Notified in the Gazette on 21 June 2000

These regulations are administered in the Department of Justice and Industrial Relations.

EXPLANATORY NOTE

(This note is not part of the regulation)

These regulations amend the Public Trustee Regulations 1999 (S.R. 1999, No. 170) by prescribing that the maximum amounts or rates that The Public Trustee can charge and receive in respect of advisory trustees and the relevant matters specified in Schedule 1 exclude any GST payable.