About our fees and charges for minor trusts
We calculate minor trust administration fees over the financial year, from 1 July to 30 June. They are then charged monthly to the trust. We provide you with a summary of all fees and charges as part of your annual statement.
We provide fee rebates for minor trusts, so we can ensure:
- the assets are protected for their future benefit
- the total of the trust service fee and asset management fees never exceed the income from the trust.
If you have a contingent minor trust that was created as part of a Will, your fees are calculated in the same way as our testamentary trust services.
Standard fees and charges for our minor trust services are:
- minor trust service fee
- asset management fee
- incidental outlays
- additional services fee.
Supplementary fees may also apply if additional services are required. These include:
- real estate property fee
- Public Trustee Investment Fund fee
- professional service fees.
Fee rebates for minor trusts
Our aim is to provide affordable services for minor trusts as part of our social responsibility and public purpose.
Minor trusts benefit from fee rebates, which we refer to as community service obligations.
There are 13 levels of fee rebates, each based on the total amount of assets held in the minor trust. Each level then has a specific percentage which we use to calculate the maximum charge.
The following table details the levels of rebate, the asset ranges for each level, and the applicable percentage charge.
| Level | Lower limit ($) | Upper limit ($) | Charge % (maximum charged as a % of asset under management) |
|---|---|---|---|
| 1 | 0 | 55,000.00 | 0.20% |
| 2 | 55,000.01 | 65,000.00 | 0.30% |
| 3 | 65,000.01 | 75,000.00 | 0.40% |
| 4 | 75,000.01 | 85,000.00 | 0.50% |
| 5 | 85,000.01 | 100,000.00 | 0.60% |
| 6 | 100,000.01 | 110,000.00 | 0.70% |
| 7 | 110,000.01 | 130,000.00 | 0.75% |
| 8 | 130,000.01 | 140,000.00 | 0.80% |
| 9 | 140,000.01 | 160,000.00 | 0.85% |
| 10 | 160,000.01 | 190,000.00 | 0.90% |
| 11 | 190,000.01 | 240,000.00 | 0.95% |
| 12 | 240,000.01 | 310,000.00 | 1.00% |
| 13 | Any amount greater than 310,000.00 | n/a | 2.00% |
Full fees before the fee rebate
Minor trust service fee
We base the fees for our minor trust services on the number of financial transactions we make or receive on behalf of the trust each year.
As this fee is charged monthly, the fee may be adjusted from month to month. This is to ensure the total fee paid for the year is based on the total number of financial transactions for the year.
The following table lists the number of financial transactions per year, against the applicable yearly fee.
| Level | Number of financial transactions per year | Yearly fee (including GST) |
|---|---|---|
| 1 | 0 to 1 | $444.80 |
| 2 | 2 to 5 | $584.10 |
| 3 | 6 to 10 | $733.60 |
| 4 | 11 to 20 | $956.20 |
| 5 | 21 to 30 | $1,278.95 |
| 6 | 31 to 40 | $1,599.05 |
| 7 | 41 to 50 | $1,906.10 |
| 8 | 51 or more | $2,224.95 |
Asset management fee
This fee applies when we are responsible for the administration of assets. This may involve the management of cash, investments or some other form of asset held within the trust.
We base our asset management fees on the total value of the trust's assessable assets to reflect the work involved in managing the trust. However, we don't include real estate property or any other place of residence.
Assets we consider as assessable include:
- shares
- managed funds
- term deposits.
Assets we don't consider as assessable include:
- real estate property
- personal and household items
- motor vehicles
- personal jewellery.
The following table lists total value of assets against the applicable yearly fee.
| Level | Total value of assets | Yearly fee (including GST) |
|---|---|---|
| 1 | $0 to $5,000 | $0 |
| 2 | $5,001 to $10,000 | $200.10 |
| 3 | $10,001 to $30,000 | $299.15 |
| 4 | $30,001 to $50,000 | $604.85 |
| 5 | $50,001 to $100,000 | $805.35 |
| 6 | $100,001 to $200,000 | $1,306.25 |
| 7 | $200,001 to $300,000 | $2,007.65 |
| 8 | $300,001 to $500,000 | $2,814.45 |
| 9 | $500,001 to $750,000 | $4,019.45 |
| 10 | $750,001 to $1,000,000 | $6,028.65 |
| 11 | $1,000,001 to $1,500,00 | $7,837.50 |
| 12 | $1,500,001 to $2,000,000 | $9,745.10 |
| 13 | $2,000,001 to $2,500,000 | $11,754.30 |
| 14 | $2,500,001 or more | $13,667.20 |
Incidental outlays
When providing our services, we often incur outlays to run and maintain our systems as well as photocopying, postage and phone call costs. We recoup the cost by charging an amount based on the type of service and the number of transactions required to provide the service.
The following table lists the number of transactions per year against the applicable cost.
| Number of transactions per year | Cost (including GST) |
|---|---|
| Up to 55 | $31 |
| 56 to 70 | $57 |
| 71 to 90 | $80 |
| 91 to 110 | $102 |
| 111 to 130 | $118 |
| 131 to 150 | $132 |
| 151 to 170 | $142 |
| 171 to 195 | $156 |
| 196 to 220 | $174 |
| 221 or more | $193 |
Real estate property fee
While not common, some minor trusts may include real estate property that needs management and maintenance. As such, we may also manage such real estate property in addition to general asset management.
This management of the property includes:
- arranging and actioning building inspections
- undertaking any necessary maintenance to the property.
The fee for this service is $996.55 (including GST) per property, each year.
Third parties who conduct work at the property may also charge separate costs to the trust. For example a fee charged:
- by a plumber for fixing a leaking tap
- to conduct a building and pest inspection.
Additional service fees
To provide our customers with a complete service, we may need to provide more than our standard services. This includes services such as:
- buying or selling a property or vehicle
- taking necessary action to deal with or preserve an interest in a trust, corporation, business or partnership.
The fee for additional services is calculated at an hourly rate of $267.85 (including GST). We will contact the beneficiary before we perform an additional service.
Fees and charges notice
For more information on our fees, we have the following to download.