New South Wales Consolidated Acts

TRUSTEE COMPANIES ACT 1964 - SECT 19B

19B Trust fees

(1) In this section:
"corpus or capital value", in relation to an estate committed to the administration or management of a trustee company, means the gross amount of the value of the assets (whether real or personal) of the estate without deduction of debts or liabilities secured or unsecured.
"prescribed time", in relation to any estate committed to the administration or management of a trustee company, means:

(a1) where the estate is so committed on or after 1 September 1994:

(i) the conclusion of the period of 2 years and 3 months commencing at that date of committal, and

(ii) the conclusion of each subsequent period of 3 months, and

(iii) the date on which the trustee company’s administration or management of the estate is so completed, or

(a) where the estate is so committed before 1 September 1994 but after the commencement of Schedule 1 (5)-(9) to the Trustee Companies (Amendment) Act 1979 or was so committed before that commencement but not earlier than 3 years before that commencement:

(i) the conclusion of the period of 3 years commencing at the date of committal,

(ii) the conclusion of each subsequent period of 3 months, and

(iii) the date on which the trustee company’s administration or management of the estate is completed, or

(b) where the estate was so committed earlier than 3 years before the commencement of Schedule 1 (5)-(9) to the Trustee Companies (Amendment) Act 1979 :

(i) that commencement,

(ii) the conclusion of the period of 12 months after that commencement,

(iii) the conclusion of each subsequent period of 3 months, and

(iv) the date on which the trustee company’s administration or management of the estate is completed.

(2) A trustee company is entitled to receive a quarterly trust fee, in respect of any estate committed to its administration or management for 2 years or more, not exceeding the maximum fee determined in accordance with subsection (2A).

(2A) The maximum quarterly trust fee is:

(a) if the corpus or capital value of the estate at the time of calculation is $250,000 or less, an amount equal to 12.5 cents for every $100 of the corpus or capital value, or

(b) if the corpus or capital value of the estate at the time of calculation is greater than $250,000 and not more than $500,000, an amount equal to the sum of:

(i) $312.50, and

(ii) 18.75 cents for every $100 of the amount by which the corpus or capital value exceeds $250,000, or

(c) if the corpus or capital value of the estate at the time of calculation is more than $500,000, an amount equal to the sum of:

(i) $781.25, and

(ii) 25 cents for every $100 of the amount by which the corpus or capital value exceeds $500,000.

(2B) The trust fee to which a trustee company is entitled under this section is to be calculated as at the prescribed time and is payable on the date of its calculation.

(3) The trust fee which is, but for this subsection, payable under subsection (2) at the time that a trustee company’s administration or management of an estate is completed shall be reduced by a sum that is equal to one-third of that trust fee for each whole month and each part of any month between the time that the trustee company’s administration or management of the estate is completed and the time that a trust fee would have been next payable under subsection (2) if the estate had continued to be administered or managed by the trustee company.

(4) The trust fee to which a trustee company is entitled under this section may be paid wholly from the corpus or capital of the estate or partly from the corpus or capital of the estate and partly from the income of the estate. However, not more than half of the amount of the fee may be paid from the income.

(5) The trustee company is to consult with the beneficiaries, if it is practicable to do so, before determining from where a trust fee is to be paid. The trustee company must attempt such consultation at least once every two years.