Trustee Legislation (GST Consequential Amendments) Act 2000 (WA)

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Western Australia

Trustee Legislation (GST Consequential

Amendments) Act 2000

Western Australia

Trustee Legislation (GST Consequential

Amendments) Act 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

20A.

Fees and commissions — effect of GST

etc.

6

9.

Schedule 3 amended

7

Western Australia

Trustee Legislation (GST Consequential

Amendments) Act 2000

No. 67 of 2000

An Act to amend the Public Trustee Act 1941 and the Trustee

Companies Act 1987.

[Assented to 4 December 2000]

The Parliament of Western Australia enacts as follows:

Trustee Legislation (GST Consequential Amendments) Act 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.

2.             Commencement

This Act comes into operation on the day on which it receives

the Royal Assent.

Trustee Legislation (GST Consequential Amendments) Act 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.

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 instead —

“ $33 ”;

(b)

in subparagraph (ii) by deleting “10 per centum” and inserting instead —

“ 11% ”;

(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 —

“ 6.6% ”.

5.             Section 40 amended

Section 40(3a) is amended as follows:

(a)

by deleting “shall” and inserting instead —

“ may ”;

(b)

by deleting “6 per centum” and inserting instead —

“ up to 6.6% ”.

Trustee Legislation (GST Consequential Amendments) Act 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*.

[* Reprinted as at 1 November 1999.]

7.             Section 18 amended

After section 18(9) the following subsections are inserted —

“

(10) If —

(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;

(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

(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 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%.

Trustee Legislation (GST Consequential Amendments) Act 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;

“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

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

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

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

(b)

if, at the commencement time, the estate is not so entitled — 2 December 1998.

”.

Trustee Legislation (GST Consequential Amendments) Act 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.

(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 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 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,

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 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

Trustee Legislation (GST Consequential

Amendments) Act 2000 comes into operation;

Trustee Legislation (GST Consequential Amendments) Act 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

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 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 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 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.

”.

9.             Schedule 3 amended

After clause 3 of Schedule 3 the following clauses are

inserted —

“

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);

Trustee Legislation (GST Consequential Amendments) Act 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 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 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

(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;

“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

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 System Price Exploitation Code (Western Australia)

Act 1999.

”.

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