Fees and Charges

The schedule of fees and charges for estate planning, administration of deceased estates, trusts, philanthropic trusts and Health & Personal Injury clients are outlined in this document. The fees quoted are current as at 16 January 2016. Unless otherwise stated, fees and charges are inclusive of the net effect of goods and services tax (GST), if applicable. In some instances the products or services referred to in this guide have already reclaimed the applicable reduced input tax credit on the relevant fee reducing the net cost of the fee to you. These amounts are not able to be further claimed in your hands for GST purposes.

The following fees are the maximum fees allowable unless the fees have been varied by agreement between the Will Maker, Settlor, Donor, or, in the case of Health & Personal Injury, the client or their agent, and Perpetual.

The services outlined below are provided by Perpetual Trustee Company Limited ABN 42 000 001 007 AFSL 236643 (PTCo).


Estate Planning Capital fee

Fees for Perpetual’s estate planning service.

This service is currently provided by Perpetual Legal Services in conjunction with, and on behalf of PTCo.

Preparation of a will or a power of attorney

  • Senior Legal Counsel/Senior Lawyer – up to $550 per hour
  • Legal Counsel/Lawyer – up to $440 per hour
  • Administrative Officer – up to $275 per hour

PROBATE AND LETTERS OF ADMINISTRATION

This service is currently provided by Perpetual Legal Services in conjunction with, and on behalf of PTCo.

For work involved in obtaining a grant of probate or letters of administration in regard to non-contentious matters, we will charge the standard scale of costs.

For any additional work which may be required or work in relation to contentious matters or matters involving other complications (for example, an informal will) we will charge the applicable hourly rate as listed above.


DECEASED ESTATES

Fees for Perpetual’s estate administration and executorial services

Capital fee Income fee
5.50% of the gross value of assets of the estate up to $1,000,000 5.775% is charged on all income earned in the estate.


3.30% of the gross value of assets of the estate over $1.000,000 up to $3,000,000
2.20% of the gross value of assets of the estate over $3,000,000 up to $5,000,000
1.65% of the gross value of assets of the estate over $5,000,000
 A minimum capital fee of $19,800 applies.

In certain circumstances an establishment fee may be negotiated when taking on administration of an estate as an agent for, or on behalf of, a named executor.

Fee for administering a principal residence

When calculating PTCo’s capital fee for administering a deceased estate, a capital fee of only 1.10% of the gross market value of the deceased’s interest in their principal residence is included in the following circumstances:

  • where the principal residence was the principal residence of the deceased, together with their spouse and/or their child or children at the date of death, and
  • where the surviving spouse and/or child or children continue to use the property as their principal residence until the administration of the estate is finalised, and
  • where the principal residence is transferred solely to the surviving spouse, child or children who occupied the residence at the date of death.

If all of the above conditions are not satisfied, full fees will apply.

If the principal residence was owned in joint tenancy, then the deceased’s interest in the principal residence does not form part of the estate and is not subject to fees

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HEALTH AND PERSONAL INJURY

Fees for Perpetual’s administration of assets under enduring powers of attorney, financial management/administration orders and compensation trusts.

Annual fee Establishment fee*
1.925% per annum of the gross value of assets up to $500,000 Up to 1.1% of the gross value of assets.
A minimum establishment fee of $3,300 applies.


1.375% per annum of the gross value of assets over $500,000 up to $1,000,000
0.825% per annum of the gross value of assets over $1,000,000 up to $3,000,000
0.530% per annum of the gross value of assets over $3,000,000 
A minimum annual establishment fee of $5,775 applies

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TRUSTS

Fees for Perpetual’s trust services (excluding philanthropic trusts and Health & Personal Injury compensation trusts)

Annual fee Establishment fee*
1.375% per annum of the gross value of the assets. Up to 1.1% of the gross value of assets. A minimum establishment fee of $3,300 applies.
A minimum annual fee of $4,125 applies.
Applicable to:
• testamentary continuing trusts, from the time the trust is established, and
• all other trusts, from the date when the trust is committed to PTCo's administration.

Example – a trust established in a client’s will (testamentary trust) with assets valued at $5,000,000. The annual fee charged is $68,750. Where PTCo previously administered the client’s estate an establishment fee is not payable.

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PHILANTHROPIC TRUSTS

Fees for Perpetual’s philanthropic trust services (excluding Private Ancillary Funds and the Perpetual Foundation)


Annual fee

1.056% per annum of the gross value of assets
Applicable to:

  • testamentary charitable trusts, from the time the trust is established, and
  • all other charitable trusts, from the date when the trust is committed to PTCo's administration.

Fees for Perpetual’s Private Ancillary Fund trustee services

The fees outlined below are the maximum fees payable for Private Ancillary Fund (PAF) trustee services and they do not include any asset investment management costs. Due to the personal and tailored nature of PAF's, fees may be varied by agreement.


Annual fee
• 0.825% per annum of the gross value of assets up to $500,000
• 0.550% per annum of the gross value of assets over $500,000 up to $1,000,000
• 0.330% per annum of the gross value of assets over $1,000,000

Fees for Perpetual Foundation - Endowment Fund

The trustee fee for the Perpetual Foundation – Endowment Fund is 0.67% per annum of the balance attributed to an endowment. This amount is net of the impact of any refunded GST.

The information brochure for the Perpetual Foundation - Endowment Fund contains all other fees and charges.

Expense recovery

Professional expenses payable

If PTCo engages any other service provider, including a related Perpetual Limited entity, they may be paid fees, commission or brokerage (including GST). These may be in addition to any other fees that are payable to PTCo. Services include:

  • real estate or business agent
  • trustee or manager of a common fund or unit trust
  • asset investment management
  • legal counsel or
  • registered tax agent.
Other expenses

PTCo is entitled to reimbursement of all properly incurred expenses in the administration. Some examples of these expenses include but are not limited to postage, couriers, photocopying, bank charges, telecommunication charges and settlement fees.

PTCo offsets disbursements and incidental third party expenses by:

  • debiting the relevant account $5.00 for each financial transaction undertaken (all debit and credit transactions except statutory account charges and PTCo's professional fees) for any transaction in excess of $50 and
  • retaining interest earned in respect of all monies held in its operating bank account before the money is allocated to the account, or where a cheque remains unpresented
  • debiting the relevant account $25.00 for each medical expense paid from the account and the associated refund collection.

PTCo may be required in some estates or trusts to provide funding from its own funds to pay certain expenses associated with those matters. For example where there are no income producing assets, or prior to the grant of probate. PTCo will recover from the particular estate or trust the amount of $200 as an expense for establishing the funding facility and an ongoing expense recovery in the order of 2.5% for the ongoing use of this facility. When the estate or trust is in a position to repay the funded amount, the expenses accrued to date will also be collected and paid to PTCo.

Additional expenses may apply to international transactions.

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Fees for additional services
Additional Service Fee
  • Senior Manager – up to $550 per hour
  • Manager – up to $440 per hour
  • Administrative Officer – up to $275 per hour, whenever charged.

Other positions are charged at rates reflective of their professional experience within these bands. 

Additional services for which PTCo may charge include, but are
not limited to:

  • services relating to real estate assets including buying and selling, inspecting, letting, reporting, arranging and supervising repairs; valuation; arranging insurance
  • management of interstate or foreign assets
  • carrying on business
  • preparation and lodgement of tax returns
  • litigation
  • company formation and re-structure
  • arrangements resulting from beneficiary requests
  • enquiries for missing or unnamed beneficiaries
  • contentious business including internal legal advice and instructing external lawyers
  • personal care arrangements associated with appointment as attorney administrator or financial manager including payment of accounts, medical and insurance claims of any kind
  • necessary additional attendances when assets cannot be held in PTCo's name
  • necessary attendances with third parties which are required to give effect to PTCo’s appointment
  • the provision of information to external parties such as auditors, lawyers and regulators
  • services relating to the management of philanthropic distributions, awards and scholarships
  • services of an otherwise unusual nature.

Some of these fees, for example, in respect of real estate services, may be charged as a fixed regular fee based on an average time spent basis.

* Establishment fees

An establishment fee is a once only additional fee that helps defray the costs associated with establishing the account and transferring assets into PTCo’s administration. The fee is charged when the account is established or when additional assets are transferred into PTCo’s administration. This fee is not charged on a testamentary continuing trust where PTCo was the executor of the deceased’s estate.

Further information

Perpetual Private 1800 631 381
Email perpetualprivate@perpetual.com.au
www.perpetual.com.au/advice

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