Trustee Companies Amendment Act 2000 (TAS)

Trustee Companies Amendment Act 2000

An Act to amend the Trustee Companies Act 1953

[Royal Assent 16 June 2000]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

1Short titleThis Act may be cited as the Trustee Companies Amendment Act 2000 . 2CommencementThis Act commences on the day on which this Act receives the Royal Assent. 3Principal ActIn this Act, the Trustee Companies Act 1953 is referred to as the Principal Act. 4Section 3 amended (Interpretation) Section 3(1) of the Principal Act is amended as follows: (a) by inserting the following definition after the definition of financial institution : GST has the meaning given to that term by the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth; (b) by omitting the definition of the regulations and substituting the following definition: regulations means regulations made and in force under this Act; 5Section 18 amended (Commission chargeable by trustee company) Section 18 of the Principal Act is amended by inserting after subsection (4A) the following subsection: (4B)  In addition to the commission payable under this section, a trustee company may charge against the estate any GST payable in respect of its services for that estate. 6Section 18A amended (Management charge in respect of charitable trusts, &c.) Section 18A(1) of the Principal Act is amended by inserting "and in addition to any GST payable in respect of its services" after "administers the trust". 7Section 18C amended (Power of trustee companies to establish Common Funds) Section 18C(13) of the Principal Act is amended as follows: (a) by omitting from paragraph (b) "Fund." and substituting "Fund; and"; (b) by inserting the following paragraph after paragraph (b) : (c) an amount equal to any GST payable in respect of its services arising from the Common Fund.

[Second reading presentation speech made in:

House of Assembly on 13 APRIL 2000

Legislative Council on 24 MAY 2000]