Financial Administration

A financial administrator can be an individual or organisation, who manages the financial affairs of another.

Sometimes in life an adult is unable to make important decisions because of disability. When these decisions involve everyday financial and legal affairs, the Public Trustee can help.

When the Guardianship and Administration Board appoints us to help, it is our responsibility to manage your financial affairs and work with you to ensure that your best interests are supported.

A financial administrator only has the authority to deal with a person’s financial affairs, not lifestyle or medical decisions.

If you would like to know more about a financial administration order, please fill out our APPOINTMENT FORM.

Alternatively, please contact your nearest Public Trustee branch.

  • The Public Trustee as Financial Administrator

    The Public Trustee as Financial Administrator 

    The Public Trustee as financial administrator has practical experience in managing the financial affairs of thousands of Tasmanians. This professional experience is combined with the personal care of experienced client account managers, who are familiar with our clients’ circumstances and support networks.

    The Public Trustee can help

    When the Public Trustee is appointed by the Guardianship and Administration Board as your Administrator, it is our responsibility to manage your financial affairs.   We ensure that your best interests are promoted and your financial well-being is protected for the long term.

    Your money will be held in a separate account at the Public Trustee and we will only use your money to pay for your expenses. Where possible, we will encourage and assist you to become capable of managing your own money.

    The Public Trustee has been appointed – what happens next?

    One of the first things we will do is arrange a meeting to introduce you and/or your support person to your client account manager. They will be supported by a range of professionals to achieve the best possible outcomes for you. This may include experts in investments, financial planning, property management, taxation and legal matters.

    In this meeting we will:

    • talk about our role and responsibilities;
    • explain the administration process, including investment of funds and managing any potential legal issues that may arise;
    • discuss an affordable budget, and
    • explain our fees and charges.

    The administration order is effective immediately. However, it does take time for us to ensure everything is set up to manage your financial affairs. We will need to re-direct your income to us, confirm your assets and liabilities, and establish budget arrangements. This can take up to six weeks.

    What the Public Trustee can do for you

    This includes but is not limited to:

    • Develop a budget to help pay your bills (as long as they are agreed in advance with the Public Trustee).
    • Transfer money to and from your bank account and use your money to pay your bills.
    • Talk to Centrelink for you and organise Centrepay deductions.
    • Redirect your income and have your pension paid directly to the Public Trustee.
    • Deal with your foreign pension if you are entitled to one.
    • Complete your income and assets assessment for your admission to aged care.
    • Identify whether anyone owes you money and request that it be paid.
    • Deal with Aurora, Telstra, TasWater and other companies for you.
    • Organise the insurance and sale or rental of any real estate you may own.
    • Contact anyone you owe money to and work out a plan for repayment.
    • Provide you with a financial statement setting out all of your income, assets and expenses at least once a year.
    • Complete your income tax return and deal with any other investment needs, including shares or other investments.
    • With your permission, talk with your support person/s and staff about your financial matters.
    • Investigate any legal issues to do with your finances.

    What the Public Trustee cannot do for you

    • We cannot make your lifestyle (e.g. personal or health care) decisions. That is the role of a guardian or person responsible.
    • We cannot decide where you are going to live (although we can say whether you can afford it or not).
    • While we can approve payment for services, we cannot organise the services themselves – you or your support person/s will still need to make your appointments, get your own quotes for purchases and do your own shopping.

     What the Public Trustee expects from you

    • If you need to meet your client account manager, you will contact them in advance to organise a time. We will not be able to meet with you unless you have arranged an appointment.
    • If you need extra money from the Public Trustee to pay for a purchase, you will need to discuss this with your client account manager before you buy it.
    • You will let us know if you change your phone number, address or name.
    • You will let us know if you receive a bill or request for payment.
    • You will be polite when you contact us. Swearing, yelling and threatening behaviour will not be tolerated.

    Things you cannot do while the Public Trustee is your administrator

    • You cannot take out any loans. This includes but is not limited to loans from Centrelink (unless the Guardianship and Administration Board has stated you are to manage your own pension), a bank, credit union or personal finance companies.
    • You cannot sign a hire purchase agreement.
    • You cannot sign a lease for where you are going to live. This will need to be done by the Public Trustee.

    If you have any more questions regarding financial administration, see our Financial Administration FAQs further down this page or contact us to make an appointment. 

  • Financial Administration Fees and Charges

    Here is a list of our financial administration fees and charges. You can also view all Fees and Charges.

    Emergency Orders

    If the Guardianship and Administration Board makes an emergency order to appoint the Public Trustee as your financial administrator, the following fees apply

    • management fees are to be charged on an hourly rate basis ($120);
    • no capital commission will be taken; and
    • income commissions will be taken in accordance with standard rate.

     A time sheet is kept on file for these matters.

    If an Emergency Order is converted to a Full Order

    • the hourly fees charged to the date of the conversion will be waived; and
    • capital commissions will be taken in accordance with standard rates.

    Permanent Appointment

    From 1 January 2016, if the Guardianship and Administration Board appoints the Public Trustee as a financial administrator, the following fees will be charged:

     For clients with assets under $10,000

    • no capital commission;
    • no monthly account fees; and
    • no income commissions.

     For clients with assets between $10,000 and under $100,000

    • no capital commission;
    • no monthly account fees; and
    • a 2.75% reduced fee is charged on the receipt of all income such as interest, dividends and pensions.

     For clients with assets over $100,000

    • $601.00 one-off establishment fee;
    • when the administration ends, a commission of 2.2% is taken on the current value of the assets which have not been realised during the administration;
    • a fee on any assets realised during the financial administration (e.g. collection of bank account, property sale) is charged at the same rate as administering an estate (see the chart below)

     

    On the first $200,000 or part

    4.5%

    On the next $200,000 or part

    3.5%

    On the next $200,000 or part

    2.5%

    On amounts above $600,000

    1.5%

     

    • a $65.00 fee is charged for completing the annual report required by the Guardianship and Administration Board; and
    • a $150.00 fee is charged for completing the 3 yearly review and report required by the Guardianship and Administration Board.

     Income Commission

    • The Public Trustee charges a 6.6% fee on the receipt of all income such as interest, dividends, pensions and rental income (where the Public Trustee is managing the property). The fee is reduced to 2.75% for represented person clients with assets between $10,000 and under $100,000. No fee is charged for clients with assets under $10,000.
    • A 3.3% fee is charged on rental income where the Public Trustee is not managing the property.
    • If income is received from an estate administered by the Public Trustee there is a 3.3% fee.

    Investment Management Fee

    A 1.1% investment management fee may apply to invested funds not directly managed by the Public Trustee.

    The following fees and charges may apply: 

    • account keeping fee ($13.50 per month);
    • domestic cheque drawing ($6.00) and direct credit ($3.20);
    • international bank transfers ($24.00) and international bank drafts ($32.00), excluding any 3rd party transaction and processing fees;
    • investment review fees for developing an investment strategy for the client portfolio. The fee charged is dependent upon the complexity of individual circumstances;
    • depending on the complexity of the matter a fee will be charged for the preparation and lodgment of income tax returns and other taxation services including the establishment of the acquisition details of assets for capital gains tax purposes;
    • fee for conveyancing and other services provided in relation to the sale, purchase or transfer of a property; and/or
    • work of a particularly complex nature not covered above will be charged at an hourly rate.

    Legal Services

    Services provided by our legal practitioners are charged at a rate determined by the Public Trustee but not exceeding the maximum hourly attendance rate set out in the Supreme Court Rules 2000.

  • Financial Administration FAQs

    We have compiled a list of the most commonly asked questions regarding financial administration. You can also view all Frequently Asked Questions.

    • Public Trustee has been appointed Financial Administrator – what happens next?

      One of the first things we will do is arrange a meeting to introduce you and/or your support person to your own client account manager. Your client account manager is supported by a range of professionals to achieve the best possible outcomes for you. This includes experts in investments, financial planning, property management, taxation and legal matters.

      In this meeting we will:

      • talk about our role and responsibilities;
      • explain the administration process, including investment of funds and managing any potential legal issues that may arise;
      • discuss an affordable budget that will take into account your wishes;
      • explain our fees and charges.

      The administration order is effective immediately, but it does take time to ensure everything is set up for us to manage your financial affairs. We need to re-direct your income to us, confirm your assets and liabilities, and establish budget arrangements, which can take up to six weeks.

    • How can I access my money?

      In many cases a personal budget will be set up for you and you may receive an allowance for personal spending. The allowance will generally be put into your bank account via Electronic Funds Transfer (EFT) so that you can access the funds directly.

    • How can a support person arrange a necessary purchase?

      You may wish to request money for a special purchase that was not included in your initial budget.  You and/or your support person must tell us of any additional purchases you wish to make, before making them.  We will then discuss the suitability of this purchase with you and/or your support person.

      This is to ensure that each purchase is affordable for you. If the purchase is approved, we will determine the best way for payment to be made. We usually pay the bill direct.

      If necessary, we can reimburse any money that your support person may have spent.  To do this, we will need evidence of the payment (such as receipts or a bank statement) before they can be reimbursed.

    • How can I have an administration order reviewed?

      If you wish to have the decision made by the Guardianship and Administration Board to appoint the Public Trustee as your administrator reviewed, you will need to contact the:

      Guardianship and Administration Board

      Phone: (03) 6165 7500

      Address: Level 2, 144 Macquarie Street, Hobart, TAS, 7000

      Email: guardianship@justice.gov.au

    • How is a Financial Administrator appointed?

      A financial administrator is appointed by the Guardianship and Administration Board.

      The Guardianship and Administration Board will only appoint a financial administrator when a person is aged 18 years and over and:

      • has disability; and
      • cannot make reasonable decisions about financial and property matters because of his or her disability; and
      • there is no less restrictive way of providing assistance.

      The power to act as administrator will cease on the death of the person.

      If you would like more information in relation to the process of appointing an administrator and/ or application forms please contact:  

      Guardianship and Administration Board

      Phone: (03) 6165 7500

      Address: Level 2, 144 Macquarie Street, Hobart, TAS, 7000

      Email: guardianship@justice.gov.au

    • Duties and responsibilities of a Financial Administrator

      There are three main duties of a financial administrator:

      • Act in the best interests of the person whose affairs they are managing;
      • Encourage and assist that person to become capable of managing their financial affairs;
      • Consult with that person and take into account, as far as possible, their wishes.

      Some tasks a financial administrator may be required to undertake include:

      • protecting assets;
      • dealing with personal property and real estate;
      • collecting income, such as dividends from shares, rents, pension entitlements or interest;
      • developing a budget management plan;
      • paying bills and accounts;
      • developing and maintaining an appropriate investment portfolio;
      • completing tax returns and pension reviews;
      • liaising with government, community and private agencies; and
      • providing full financial statements to the client and appropriate authorities.

    • Financial Administration & an Enduring Power of Attorney

      If a person over the age of 18 years with disability was unable to manage their own financial affairs, a financial administration order can be made by the Guardianship and Administration Board.

      In contrast, an enduring power of attorney is a legal document where an individual appoints another person/ or a statutory trustee company (such as the Public Trustee) to manage their financial affairs if they were to lose capacity or no longer wanted the responsibility.

      The distinct advantage of an enduring power of attorney is that it allows you to choose who will manage your financial affairs. In order to make an enduring power of attorney you need to have the necessary mental capacity to understand the meaning and effect of the document.

      The Guardianship and Administration Board will not appoint an administrator if there is a valid enduring power of attorney in place UNLESS the attorney is not acting in the best interests of the person concerned.

    • What ongoing support does the Public Trustee provide to its clients?

      When managing your everyday finances, we work hard to ensure your best interests are supported. We will carefully consider all the requests you make.

      We will send you a statement at least once a year showing all your transactions. If you have any questions about your finances please contact your client account manager.

    • How long will the Public Trustee act as your administrator?

      The Guardianship and Administration Board makes an order for a period of time (usually three years). The Board will review the order before it ends. At the review, the Board will check to see that your needs are being met and will decide if you still need our help.

    • Where you can go if you have a concern?

      If you have any questions, please contact your client account manager.

      If you are dissatisfied with the response from your client account manager, please go to see our Feedback and Complaints process

    • What are the Public Trustee Service Standards?

      The Public Trustee has adopted the following standards in communicating with our clients.

       

      RETURNING TELEPHONE CALLS

      • When you leave a message we will return your call promptly, but in any event within one working day of receipt of the message

      • Voicemail messages will state if the person you are calling is away for more than one working day and will provide an alternative contact number

      • We will make every effort to provide you with a response as quickly as possible

      • If we are unable to deal with your query we will try to put you in contact with someone who can assist you

         

      RESPONDING TO LETTERS, EMAIL AND FAX

      • We will reply to non-urgent correspondence within 10 working days

      • We will contact you to inform you of progress if a final reply is not issued within 10 working days

      • We will reply to urgent correspondence where possible on the same day, but in any event within 1 working day

      • We will communicate clearly providing you with a response to the matters raised.

         

      FACE-TO-FACE CONTACT

      • We will ensure that our reception and meeting facilities are clean, accessible and maintained to a high standard of comfort and safety

      • We will provide you with the maximum level of privacy possible

      • We will meet you at the appointed time, or let you know if there are any delays and be helpful and courteous in our dealings with you

      YOUR VIEWS ON OUR SERVICE

      The Public Trustee places a high level of value on feedback from our clients and also has a formal policy for dealing with any concerns or complaints.

      To provide feedback PLEASE CLICK HERE TO GO TO THE FEEDBACK AND COMPLAINTS PAGE

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