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This is a Bill, not an Act. For current law, see the Acts databases.


TRUSTEE LEGISLATION (GST CONSEQUENTIAL AMENDMENTS) BILL 2000

                        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.
                                                                                      ".




 


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