Public Trustee Regulation 2023 (Qld)

Public Trustee Regulation 2023

Part 1 Preliminary

1 Short title This regulation may be cited as the Public Trustee Regulation 2023.

2 Commencement This regulation commences on 1 September 2023.

3 Definitions The dictionary in schedule 2 defines particular words used in this regulation.

Part 2 Matters relating to interest and investments

4 Interest rate for amounts in common fund— Act , s 19 (1) For section 19(1)(c) of the Act, the annual rate of interest for an amount other than a term deposit amount is stated in schedule 1. (2) The annual rate of interest for a term deposit amount other than a class 2 amount is the 6 month term deposit rate. (3) For a term deposit amount that is a class 2 amount, the annual rate of interest is— (a) if a rate is allowed by order of a court—the rate allowed or the 6 month term deposit rate, whichever is the higher rate; or (b) if paragraph (a) does not apply and a rate equal to or more than the 6 month term deposit rate is agreed on by the public trustee and the person paying the amount to the public trustee—the rate agreed; or (c) if paragraphs (a) and (b) do not apply—the 6 month term deposit rate. (4) Interest is calculated on the daily balance of the amount held in the common fund for an estate under administration. (5) In this section— 6 month term deposit rate— (a) for a period from 1 April to 30 September in a year—means the reserve bank rate for the month of February immediately preceding the period; or (b) for a period from 1 October in a year to 31 March in the following year—means the reserve bank rate for the month of August immediately preceding the period. reserve bank rate means the retail deposit and investment rate of interest for 6 month bank term deposits published by the Reserve Bank of Australia on its website. term deposit amount means the part of the amount held in the common fund for an estate under administration that the public trustee considers is not required at call or to meet short term or unforeseen liabilities of the estate.