A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

CORPORATIONS ACT 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES    View history reference

PART 5D.3 - REGULATION OF FEES CHARGED BY LICENSED TRUSTEE COMPANIES    View history reference

[CCH Note: SLI 2010 No 88, reg 4, contained the following transitional arrangements:

4 Transitional arrangements for charging of fees  


(1) For section 1496 of the Act, Part 5D.3 (other than Division 4) of the Act applies to a licensed trustee company as set out in this regulation.


(2) If a licensed trustee company had an existing client at the commencement of Schedule 1 to these Regulations, the fee the company was entitled to charge under the relevant State law for traditional trustee company services to the client continues to apply to those services whether or not the relevant State law has since been repealed.


(3) In this regulation, a relevant State law is a law of a State or Territory in force immediately before the commencement of Schedule 2 to the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009 that regulates the fees that may be charged by companies for the provision of traditional trustee company services.

]

Division 2 - General provisions about charging fees    View history reference

SECTION 601TBE  ESTATE MANAGEMENT FUNCTIONS: PAYMENT OF FEES OUT OF ESTATE  

 View history reference

601TBE(1)  [Application]  


This section applies to the performance by a licensed trustee company of an estate management function relating to a particular estate.

601TBE(2)  [Fees payable out of capital or income of estate]  


Subject to subsection (3), fees charged by the trustee company, in accordance with this Part, for the performance of the function are payable to the trustee company out of the capital or income of the relevant estate.

601TBE(3)  [Exceptions]  

 View history reference

Unless ASIC approves it under subsection (4):


(a) a management fee referred to in section 601TDD can only come out of the income of the relevant estate; and


(b) a common fund administration fee referred to in section 601TDE or 601TDI can only come out of the income received by the common fund on the assets of the charitable trust concerned that are included in the fund.

601TBE(4)  

 View history reference
ASIC may, on application in writing by a licensed trustee company, approve payment of a proposed fee that, if paid without the approval, would contravene subsection (3), if ASIC is satisfied that:


(a) the payment of the fee will not significantly affect the capital of the relevant estate or charitable trust concerned; and


(b) the fee is a fair reflection of the work and expertise required to perform the estate management function.

[CCH Note: See application provision under Pt 5D.3 heading.]


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page