Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p28
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 28/59)
Character Range: 79308–82113

trustee of a regulated debtor's estate is entitled to receive for necessary work properly performed by the trustee in relation to the administration of the estate.
 (2) The Inspector‑General must have regard to any matter prescribed in making a determination under subsection (1).
 (3) Insolvency Practice Rules made for the purposes of subsection (2) may provide for and in relation to:
 (a) a matter referred to in section 60‑12; or
 (b) any other matter.

60‑12  Remuneration determinations—general rules

Manner in which remuneration may be specified
 (1) A determination under section 60‑10 or 60‑11 may specify remuneration that the trustee is entitled to receive in either or both of the following ways:
 (a) by specifying an amount of remuneration;
 (b) by specifying a method for working out an amount of remuneration.

Remuneration on a time‑cost basis
 (2) If a determination under section 60‑10 or 60‑11 specifies that the trustee is entitled to receive remuneration worked out wholly or partly on a time‑cost basis, the determination must include a cap on the amount of remuneration worked out on a time‑cost basis that the trustee is entitled to receive.

Remuneration on a percentage basis
 (3) If a determination under section 60‑10 or 60‑11 specifies that the trustee is entitled to receive remuneration worked out wholly or partly on the basis of a specified percentage of money received by the trustee in respect of the regulated debtor's estate:
 (a) the determination must specify the money to which the specified percentage applies; and
 (b) the specified percentage must not be greater than the percentage prescribed for the purposes of this paragraph.

More than one remuneration determination may be made
 (4) To avoid doubt, more than one determination under section 60‑10 or 60‑11 may be made in relation to a particular trustee and a particular regulated debtor's estate.

60‑15  Maximum default amount

Maximum default amount
 (1) The maximum default amount for a trustee is an amount (exclusive of GST) worked out as follows:
 (a) if the trustee is appointed as the trustee of the regulated debtor's estate during the financial year beginning on 1 July 2016—$5,000;
 (b) if the trustee is appointed as the trustee of the regulated debtor's estate during a financial year beginning on or after 1 July 2017—the greater of:
 (i) the amount worked out by multiplying the indexation factor for the financial year (worked out under subsections (3) and (4)) by the maximum default amount for a trustee appointed as the trustee of a regulated debtor's estate during the previous financial year; and
 (ii) the amount (if any) prescribed for the purposes of this subparagraph.

Rounding
 (2) Amounts worked out under subsection (1) must be rounded to the nearest whole dollar (rounding