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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia
Trustee Legislation (GST Consequential
Amendments) Bill 2000
CONTENTS
Part 1 -- Preliminary
1. Short title 2
2. Commencement 2
Part 2 -- Public Trustee Act 1941 amended
3. The Act amended 3
4. Section 38 amended 3
5. Section 40 amended 3
Part 3 -- Trustee Companies Act 1987
amended
6. The Act amended 4
7. Section 18 amended 4
8. Section 20A inserted 6
9. Schedule 3 amended 7
page i
150--1
Western Australia
LEGISLATIVE ASSEMBLY
Trustee Legislation (GST Consequential
Amendments) Bill 2000
A Bill for
An Act to amend the Public Trustee Act 1941 and the Trustee
Companies Act 1987.
The Parliament of Western Australia enacts as follows:
page 1
Trustee Legislation (GST Consequential Amendments) Bill 2000
Part 1 Preliminary
s. 1
Part 1 -- Preliminary
1. Short title
This Act may be cited as the Trustee Legislation (GST
Consequential Amendments) Act 2000.
5 2. Commencement
This Act comes into operation on the day on which it receives
the Royal Assent.
page 2
Trustee Legislation (GST Consequential Amendments) Bill 2000
Public Trustee Act 1941 amended Part 2
s. 3
Part 2 -- Public Trustee Act 1941 amended
3. The Act amended
The amendments in this Part are to the Public Trustee Act 1941*.
[* Reprinted as at 8 September 1993.
5 For subsequent amendments see 1999 Index to Legislation of
Western Australia, Table 1, pp. 204-5.]
4. Section 38 amended
(1) Section 38(2)(a) is amended as follows:
(a) in subparagraph (i) by deleting "$30" and inserting
10 instead --
" $33 ";
(b) in subparagraph (ii) by deleting "10 per centum" and
inserting instead --
" 11% ";
15 (c) in subparagraph (iii) by deleting "$200 or 4 per centum"
and inserting instead --
" $220 or 4.4% ".
(2) Section 38(2)(b)(ii) is amended by deleting "6 per centum" and
inserting instead --
20 " 6.6% ".
5. Section 40 amended
Section 40(3a) is amended as follows:
(a) by deleting "shall" and inserting instead --
" may ";
25 (b) by deleting "6 per centum" and inserting instead --
" up to 6.6% ".
page 3
Trustee Legislation (GST Consequential Amendments) Bill 2000
Part 3 Trustee Companies Act 1987 amended
s. 6
Part 3 -- Trustee Companies Act 1987 amended
6. The Act amended
The amendments in this Part are to the Trustee Companies
Act 1987*.
5 [* Reprinted as at 1 November 1999.]
7. Section 18 amended
After section 18(9) the following subsections are inserted --
"
(10) If --
10 (a) a trustee company provides a service in respect
of the administration or management of an
estate in a capacity referred to in subsection (1);
(b) the administration or management of the estate
commenced before the transition date;
15 (c) the company charges, after the commencement
time, a commission or other charge for the
service that was set before the transition date;
(d) the company is prevented from increasing the
commission or charge by subsection (2); and
20 (e) GST is payable by the company on the service,
the company may increase the commission or
charge --
(f) during that part of the New Tax System
transition period that occurs after the
25 commencement time -- to the extent necessary
to offset the consequences to the company of
the New Tax System changes in relation to the
service, that arise during that period; and
(g) after that period -- by 10%.
page 4
Trustee Legislation (GST Consequential Amendments) Bill 2000
Trustee Companies Act 1987 amended Part 3
s. 7
(11) In this section --
"commencement time" means the time at which the
Trustee Legislation (GST Consequential
Amendments) Act 2000 comes into operation;
5 "GST" has the meaning given by section 195-1 of the
A New Tax System (Goods and Services Tax)
Act 1999 of the Commonwealth;
"input tax credit" has the meaning given by
section 195-1 of the A New Tax System (Goods
10 and Services Tax) Act 1999 of the Commonwealth;
"New Tax System changes" has the meaning given by
the New Tax System Price Exploitation Code text
applying as a law of this State under the New Tax
System Price Exploitation Code (Western
15 Australia) Act 1999;
"New Tax System transition period" has the meaning
given by the New Tax System Price Exploitation
Code text applying as a law of this State under the
New Tax System Price Exploitation Code (Western
20 Australia) Act 1999;
"transition date", for an estate, means --
(a) if, at the commencement time, the estate is
entitled to a full input tax credit for the
company's services -- 8 July 1999; or
25 (b) if, at the commencement time, the estate is
not so entitled -- 2 December 1998.
".
page 5
Trustee Legislation (GST Consequential Amendments) Bill 2000
Part 3 Trustee Companies Act 1987 amended
s. 8
8. Section 20A inserted
After section 20 the following section is inserted --
"
20A. Fees and commissions -- effect of GST etc.
5 (1) If --
(a) a trustee company provides a service for an
estate or an investor in relation to particular
funds invested as part of an Estate Common
Trust Fund or an Investment Common Trust
10 Fund;
(b) those funds were invested before the transition
date;
(c) the company charges, after the commencement
time, a fee or commission for the service that
15 was set before the transition date;
(d) the company is prevented from increasing the
fee or commission by section 19(14) or 20(12)
(whichever is relevant); and
(e) GST is payable by the company on the service,
20 the company may increase the fee or commission --
(f) during that part of the New Tax System
transition period that occurs after the
commencement time -- to the extent necessary
to offset the consequences to the company of
25 the New Tax System changes in relation to the
service, that arise during that period; and
(g) after the period -- by 10%.
(2) In this section --
"commencement time" means the time at which the
30 Trustee Legislation (GST Consequential
Amendments) Act 2000 comes into operation;
page 6
Trustee Legislation (GST Consequential Amendments) Bill 2000
Trustee Companies Act 1987 amended Part 3
s. 9
"GST" has the meaning given by section 195-1 of the
A New Tax System (Goods and Services Tax)
Act 1999 of the Commonwealth;
"input tax credit" has the meaning given by
5 section 195-1 of the A New Tax System (Goods
and Services Tax) Act 1999 of the Commonwealth;
"New Tax System changes" has the meaning given by
the New Tax System Price Exploitation Code text
applying as a law of this State under the New Tax
10 System Price Exploitation Code (Western
Australia) Act 1999;
"New Tax System transition period" has the meaning
given by the New Tax System Price Exploitation
Code text applying as a law of this State under the
15 New Tax System Price Exploitation Code (Western
Australia) Act 1999;
"transition date", for an estate or an investor,
means --
(a) if, at the commencement time, the estate or
20 investor is entitled to a full input tax credit
for the company's services -- 8 July 1999;
or
(b) if, at the commencement time, the estate or
investor is not so entitled -- 2 December 1998.
25 ".
9. Schedule 3 amended
After clause 3 of Schedule 3 the following clauses are
inserted --
"
30 3A. If --
(a) an existing company provides a service for an estate
referred to in clause 2 (other than a service to which
Part IV applies because of clause 4);
page 7
Trustee Legislation (GST Consequential Amendments) Bill 2000
Part 3 Trustee Companies Act 1987 amended
s. 9
(b) the company charges, after the commencement
time, a commission or fee that it is entitled to under
clause 3;
(c) the company is prevented from increasing the fee or
5 commission because of the continued application of
a provision of the relevant repealed Act; and
(d) GST is payable by the company on the service,
the company may increase the commission or fee --
(e) during that part of the New Tax System transition
10 period that occurs after the commencement time --
to the extent necessary to offset the consequences to
the company of the New Tax System changes in
relation to the service, that arise during that period;
and
15 (f) after the period -- by 10%.
3B. In clause 3A --
"commencement time" means the time at which the
Trustee Legislation (GST Consequential Amendments)
Act 2000 comes into operation;
20 "GST" has the meaning given by section 195-1 of the A
New Tax System (Goods and Services Tax) Act 1999 of
the Commonwealth;
"New Tax System changes" has the meaning given by the
New Tax System Price Exploitation Code text applying
25 as a law of this State under the New Tax System Price
Exploitation Code (Western Australia) Act 1999;
"New Tax System transition period" has the meaning
given by the New Tax System Price Exploitation Code
text applying as a law of this State under the New Tax
30 System Price Exploitation Code (Western Australia)
Act 1999.
".
page 8
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