CORPORATIONS ACT 2001
SLI 2010 No 88, reg 4, contained the following transitional arrangements:
4 Transitional arrangements for charging of fees
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.
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services to the client continues to apply to those services whether or not the relevant State law has since been repealed.
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.
The trustee company may charge a capital commission (GST inclusive) at a rate not exceeding 5.5 % of the gross value of the charitable trust's assets.601TDC(2) [ Commission to be charged once only]
The capital commission must be charged only once during the period while the trustee company is trustee or manager of the charitable trust.601TDC(3) [ Regulations relating to capital commission]
(a) the calculation of the commission or of the gross value of the charitable trust's assets; and
(b) when, during the period referred to in subsection (2), the commission may be charged. 601TDC(4) Annual income commission.
The trustee company may charge an annual income commission (GST inclusive) at a rate not exceeding 6.6 % of the income received on account of the charitable trust's assets.601TDC(5) [ Regulations relating to income commission]
(a) the calculation of the commission or of the income received on the charitable trust's assets; and
(b) when, during a year, the commission may be charged; and
(c) apportionment of the amount of the commission for part-years.