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services to the client continues to apply to those services whether or not the relevant State law has since been repealed.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.
Fees for being trustee or manager of a charitable trust
Instead of a capital commission and income commission under section
, the trustee company may charge an annual management fee (GST inclusive) at a rate not exceeding 1.056
of the gross value of the charitable trust's assets.
The regulations may make provision relating to the management fee, including (but not limited to):
(a) the calculation of the management fee or of the gross value of the charitable trust's assets; and
(b) when, during a year, the management fee may be charged; and
(c) apportionment of the amount of the management fee for part-years.