Division 1Estate of deceased persons

Division 1 Estate of deceased persons

1.   Except as provided in item 2 –

(a) the maximum rate of capital commission chargeable in respect of an estate if the Public Trustee is, or is taken to be, the executor or administrator of the estate, is the sum of –

(i) 4.09% on the first $200 000 of the gross capital value of the estate or part of that amount; and

(ii) 3.18% on the next $200 000 of the gross capital value of the estate or part of that amount; and

(iii) 2.27% on the next $200 000 of the gross capital value of the estate or part of that amount; and

(iv) 1.36% on the gross capital value of the estate in excess of $600 000; and

(b) the maximum rate of capital commission chargeable on an interest of the deceased person in the principal place of residence, and the household furniture and household effects in that residence, that are transferred or conveyed to the surviving spouse of the deceased person, is 2% of the deceased person’s interest in the residence.

2.   The maximum rate of capital commission chargeable on assets –

(a) situated outside Tasmania; and

(b) comprised in an estate of which the Public Trustee is the principal executor or administrator –

is 2% of value of the assets, if the Public Trustee’s grant in respect of those assets is required to be resealed in another State or a Territory of the Commonwealth.

3.   Despite items 1 and 2, if the application of the rates specified in items 1 and 2 results in a maximum commission of less than $5 000 for an estate –

(a) those rates do not apply to the estate; and

(b) the maximum commission for the estate is $5 000.