Commonwealth Numbered Regulations

PROCEEDS OF CRIME AMENDMENT REGULATIONS 2002 (NO. 1) 2002 NO. 334 - SCHEDULE 1

(regulation 3)

[1] Regulation 8

substitute

8 Remuneration of Official Trustee

For subsection 55 (1) of the Act, the amount payable to the Official Trustee for remuneration is as follows:

(a)

for services performed by a person who occupies the position of, or performs the duties of, an officer in the Senior Executive Service of the Australian Public Service — the amount for each hour or part of an hour prescribed in paragraph 16.07C (3) (a) of the Bankruptcy Regulations 1996 ;

(b)

for services performed by a person who is an Insolvency and Trustee Officer Grade 2, or an equivalent or higher position in the Australian Public Service, not being a position mentioned in paragraph (a) — the amount for each hour or part of an hour prescribed in paragraph 16.07C (3) (b) of the Bankruptcy Regulations 1996 ;

(c)

for services performed by a person who is an Insolvency and Trustee Officer Grade 1, or an equivalent or lower position in the Australian Public Service — the amount for each hour or part of an hour prescribed in paragraph 16.07C (3) (d) of the Bankruptcy Regulations 1996 .

Note
For GST component, see regulation 8A.

8A GST component

In addition to the amount of remuneration mentioned in regulation 8, there is payable to the Official Trustee, because of the goods and services tax attaching to the services performed, an amount equal to 8.4% of the amount worked out in accordance with regulation 8.

Note
The result is the price of the taxable supply within the meaning of the A New Tax System (Goods and Services Tax) Act 1999 . The component added by this regulation is equivalent to the amount of goods and services tax that will be payable on the Official Trustee's fees.