Fees and charges for financial management
Our financial management fees and charges are divided into four main parts:
Financial management fees and charges are calculated over the financial year (1 July to 30 June) and are charged monthly.
If you're experiencing financial hardship or have concerns, please call your Trust Officer on 1300 360 044.
Financial administration (service level fee)
There are two different types of financial administration:
We spend the first three months understanding what level of assistance would suit your lifestyle and look at:
- your living situation
- where your income is paid
- who is paying your bills
- how often you'll need contact with us
We set an appropriate fee for the personal financial administration service that suits your lifestyle after the first three months. These fees are based on how much assistance you'll receive from us. We review your situation each year to check if the level of assistance still suits your lifestyle.
| Description of service | Level of service | Yearly fee (including GST) |
|---|---|---|
| Client resides in a commonwealth funded aged care facility or hospital and their main source of income is paid to the facility | Level 1 | $1,324.50 |
| Client resides in a commonwealth funded aged care facility or hospital and their main source of income is NOT paid to the facility | Level 2 | $2,123.40 |
| Client is supported in the community by Disability Services Queensland through the alternative living service or by a non-government organisation through a management agreement | Level 3 | $2,650.45 |
| Client is living in the community either independently or with the support of family/friends who assist the client with their day to day personal financial administration | Level 4 | $3,977.75 |
| Client is living in the community with personal financial administration assistance from the Public Trustee and/or day to day assistance provided by support workers. Contact with the public trustee is once per fortnight or less | Level 5 | $6,629.85 |
| Client is receiving personal financial administration assistance from the Public Trustee and contact with the public trustee is more than once per fortnight | Level 6 | $9,283.10 |
This service only applies to customers that have had QCAT or the Supreme Court ask us to manage a specific asset or income (i.e. damages awarded or settlements). This service does not include customers who have had QCAT or the Supreme Court ask us to manage their full finances.
Fees and charges (QCAT)
The Limited Administration Order fees and charges are the same as the Personal Financial Administration fees and charges (see the table above) if QCAT asks us to manage a specific asset or income of yours. These fees range from $1,324.50 to $9,283.10 per year.
Fees and charges (Supreme Court)
There is a once-off payment of $6,629.85 to set up your accounts with us for Limited Administration Orders if the Supreme Court asks us to manage a specific asset or income. Once the accounts are setup, there are ongoing fees based on the number of transactions we manage for you. These fees range from $703.70 to $5,281.70 per year.
| Number of financial transactions per year | Level of service | Yearly fee (including GST) |
|---|---|---|
| 0-5 | Level 1 | $703.70 |
| 6-10 | Level 2 | $1,233.35 |
| 11-30 | Level 3 | $1,760.45 |
| 31-50 | Level 4 | $2,290.05 |
| 51-80 | Level 5 | $2,818.45 |
| 81-110 | Level 6 | $3,345.40 |
| 111-150 | Level 7 | $3,875.05 |
| 151-200 | Level 8 | $4,404.70 |
| Over 200 | Level 9 | $5,281.70 |
Asset management
We help manage certain assets. Assessable assets that we help to manage could include:
- Shares
- Managed funds
- Term deposits
Assets that are not included in this service include:
- Real estate property (see separate fee below)
- Personal and household items
- Motor vehicles
- Personal jewellery
Our asset management fees are based on the total value of the customer's assessable assets. These fees are based on the value of the assessable assets.
| Total value of assets | Level of service | Yearly fee (including GST) |
|---|---|---|
| $0 to $5,000 | Level 1 | $0 |
| $5,001 to $10,000 | Level 2 | $200.10 |
| $10,001 to $30,000 | Level 3 | $299.15 |
| $30,001 to $50,000 | Level 4 | $604.85 |
| $50,001 to $100,000 | Level 5 | $805.35 |
| $100,001 to $200,000 | Level 6 | $1,306.25 |
| $200,001 to $300,000 | Level 7 | $2,007.65 |
| $300,001 to $500,000 | Level 8 | $2,814.45 |
| $500,001 to $750,000 | Level 9 | $4,019.45 |
| $750,001 to $1,000,000 | Level 10 | $6,028.65 |
| $1,000,001 to $1,500,000 | Level 11 | $7,837.50 |
| $1,500,001 to $2,000,000 | Level 12 | $9,745.10 |
| $2,000,001 to $2,500,000 | Level 13 | $11,754.30 |
| $2,500,001 or more | Level 14 | $13,667.20 |
Real estate property (realty) management
In addition to general asset management, we also manage the work required to upkeep any real estate property owned by the financial management customer. This includes scheduling building inspections and maintenance.
The fee for this service is $996.55 per property per year. From 1 November 2022 – we have placed a hold on our Real Estate Property Fee being charged to our Financial Management customers.
Separate fees are charged by the third-parties who do the work. For example, a fee charged by a plumber for fixing a leaking tap, or the fee to conduct a building and pest inspection.
Incidental outlays
When providing services we often incur outlays to run and maintain our systems as well as photocopying, postage and phone call costs. We recoup the cost by charging an amount based on the type of service and the number of transactions required to provide the service.
From 1 November 2022 – we have placed a hold on our Incidental Outlays being charged to our Financial Management customers.
| Number of transactions per year | Cost (including GST) |
|---|---|
| Up to 55 | $31 |
| 56 to 70 | $57 |
| 71 to 90 | $80 |
| 91 to 110 | $102 |
| 111 to 130 | $118 |
| 131 to 150 | $132 |
| 151 to 170 | $142 |
| 171 to 195 | $156 |
| 196 to 220 | $174 |
| 221 or more | $193 |
Additional services (if required)
To provide our customers with a complete service, we may need to provide more than our standard services.
This includes services such as:
- the collection or payment of considerable debts, and
- providing instructions or other information in regard to legal services.
The fee for additional services is calculated at an hourly rate of $267.85 (including GST). We will contact you before we perform an additional service.
Community Service Obligation rebates
If our customers cannot afford our service fees, we will rebate some or all of the fees. We call this our Community Service Obligation. Call us on 1300 360 044 or contact us online to learn more about our Community Service Obligation rebate.
Principal Place of Residence (main home)
All Public Trustee fees are rebated for properties that are the principal place of residence (main home) of the financial management customer, including the Real estate property (realty) management fee.
Financial management
The total fees will never cost more than 5% of the value of the customer’s assessable assets.
Financial hardship
Another part of our Community Service Obligation is our hardship rebate.
Our financial hardship rebate applies to customers who may have assets of value they cannot effectively access for payment of fees.
The hardship criteria are:
- The customer owns a home they live in or have money in superannuation that they are not able to access and
- Have $5,000 or less in cash assets.
Customer’s meeting these criteria receive an additional rebate of the Personal Financial Administration and Asset Management Fees. The Public Trustee excludes the value of the customer home and inaccessible superannuation from the assessable assets when calculating the maximum fee payable being 5% of the value of the customer’s assets.
We check whether all new financial management customers meet the criteria for hardship. We also check each year if our current financial management customers meet the criteria. Call us on 1300 360 044 or contact us online to learn more about hardship rebate, and if think you’re able to receive it.
Examples of financial management customer's fees
Emma lives in Public Housing. She has a disability pension that is paid to the Public Trustee. Emma has $4,000 in a cash account. She pays for her daily living expenses, and the Public Trustee manages the payment of her bills and board. Emma speaks with the Public Trustee more than once a fortnight.
Emma's yearly fees and charges will be:
| Fee or charge name | Amount |
|---|---|
| Financial administration service level fee | $9,283.10 |
| Asset management fee | $0 |
| Incidental outlays | $102 |
| Total yearly fees and charges (after a Community Service Obligation rebate of $9,083.10) |
$302 |
Peter lives in a property that he owns. He is paid a pension each fortnight that the Public Trustee manages. He has $6,000 worth of assessable assets and his property is worth $420,000. The Public Trustee manages his living expenses, utility bills and insurance. Peter only needs to contact the Public Trustee once a month.
Peter's yearly fees and charges will be:
| Fee or charge name | Amount |
|---|---|
| Financial administration service level fee | $6,629.85 |
| Asset management fee | $200.10 |
| Asset management fee - real estate property | $996.55 |
| Incidental outlays | $102 |
| Total yearly fees and charges (after a Community Service Obligation rebate of $6,529.95 and Principal Place of Residence rebate of $996.55 as Peter lives in his property) |
$402 |
More information
Learn more about financial management services.
All fees and charges shown are from the Public Trustee (Fees And Charges Notice) (No.1) 2021 - effective 1 July 2021 (PDF, 217 KB).