New Zealand Legislation: Regulations
Regulations are laws made under Acts
Schedule |
1 The Māori Trustee may charge commission in relation to the matters listed in the first column of the table, at the rate prescribed in the second column, subject to the provisions of clauses 2 to 6.
| Matters on which Māori Trustee may charge commission | Rate of commission | |||
|---|---|---|---|---|
| On the first $10,000: 3.75%: on the remainder: 2.5%. | |||
| (b) | gross value of real or personal property of an estate transferred, relinquished, or delivered in kind to, or retained by, a person entitled as a beneficiary, principal, or in any other capacity to that property, whether on the termination of a trust or agency or otherwise: | On the first $10,000: 3.75%: on the remainder: 2.5%. | ||
| (c) | capital sums received under a deed of trust or settlement where the capital is cash that the Māori Trustee— | |||
| 2% | |||
| On the first $10,000: 3.75%: on the remainder: 2.5%. | |||
| (d) | money transferred from the account kept by the Māori Trustee in respect of any estate to another account kept by the Māori Trustee (whether or not in respect of another estate): | 2% | ||
| (e) | money transferred to an account kept by the Māori Trustee in respect of an estate from any other account kept by the Māori Trustee (whether or not in respect of another estate): | 2% | ||
| (f) | money received as damages by way of compromise or otherwise under the Deaths by Accidents Compensation Act 1952 or for any other cause relating to personal injury— | |||
| 1% | |||
| 2.5% | |||
| (g) | the gross income of an estate from any source (if not provided for otherwise in this Schedule): | 5% | ||
| (h) | the gross proceeds of the sale of land or freehold interest in land: | 5% | ||
| (i) | the gross amount of any compensation received by the Māori Trustee in any capacity: | 5% | ||
| (j) | the gross rent from any land received by the Māori Trustee in any capacity: | 7.5% | ||
| (k) | the gross income from any business carried on by the Māori Trustee in relation to any land, or otherwise: | 5% | ||
| (l) | money arising from any business carried on by the Māori Trustee in relation to land and that is distributed or appropriated for payment to the persons beneficially entitled: | 5% | ||
| (m) | money (other than money for which commission is prescribed elsewhere in this Schedule) received by the Māori Trustee in any capacity for payment to the persons beneficially entitled: | 5% | ||
| (n) | money disposed of as unclaimed money by payment to the persons beneficially entitled or otherwise. | 10% | ||
2 The value mentioned in paragraphs (a) and (b) of the table in clause 1 is the value determined by the Māori Trustee.
3 Despite paragraph (g) of the table in clause 1, commission must not be charged by the Māori Trustee—
(a) on any part of the gross income of an estate under that paragraph if commission has been charged under paragraph (d) or (e):
(b) on interest earned by an estate from capital belonging to that estate in the Common Fund.
4 Despite paragraph (g) of the table in clause 1 and clause 3, the Māori Trustee may charge commission at the rate of 2% if—
(a) income has been collected on behalf of the Māori Trustee by a person duly authorised who has charged a commission for doing so; or
(b) income is derived from an estate not administered by the Māori Trustee and commission has been charged on that income before the income is passed to the Māori Trustee.
5 In relation to the matters provided for in paragraphs (h) and (i) of the table in clause 1, the commission is the same as that prescribed by paragraph (a) of the table in clause 1 if the Māori Trustee acts as—
(a) an administrator or trustee under Part 10 of the Maori Affairs Act 1953; or
(b) a manager under the Mental Health Act 1969 (as applied by section 41 of the Protection of Personal and Property Rights Act 1988).
6 The minimum commission that may be charged under paragraph (k) of the table in clause 1 is $300 a year.
7 The commission chargeable under this Schedule is exclusive of any goods and services tax payable on the commission.
