1 Name of regulation
This regulation is the Trustee Regulation 2025.
2 Commencement
This regulation commences on 1 September 2025.Note—This regulation replaces the Trustee Regulation 2020, which is repealed on 1 September 2025 by the Subordinate Legislation Act 1989, section 10(2).
3 Definition
In this regulation—the Act means the Trustee Act 1925.Note—The Act and the Interpretation Act 1987 contain definitions and other provisions that affect the interpretation and application of this regulation.
4 Guidelines for trustees—the Act, s 14DB(1)
(1) This section sets out guidelines for the investment of trust funds by trustees where the value of the funds subject to the trust is not more than $50,000.(2) The following investments are investments a trustee might reasonably consider appropriate for the investment of trust funds—(a) debentures or securities guaranteed by the Government of New South Wales,(b) debentures or securities—(i) issued by a public or local authority, or a statutory body representing the Crown, that is constituted by or under a law of the Commonwealth or a State or Territory, and(ii) guaranteed by the Commonwealth, a State or the Northern Territory,(c) debentures or securities issued by the Northern Territory and guaranteed by the Commonwealth,(d) public funds or government stock or securities of the Commonwealth or a State,(e) deposits with, withdrawable shares in or loans of money to an authorised deposit-taking institution,(f) interest-bearing deposits in a bank.
5 Prescribed insurers for insurance of repayment of loan
For the Act, section 18(7), definition of prescribed insurer, the following classes of insurers are prescribed in relation to the insurance of the repayment of a loan—(a) an insurer authorised under the Insurance Act 1973 of the Commonwealth (the Commonwealth Act) to provide the insurance,(b) a Lloyd’s underwriter authorised under the Commonwealth Act, Part VII to provide the insurance,(c) a person who, because of a determination in force under the Commonwealth Act, section 7(1), is not required to be authorised under the Commonwealth Act to provide the insurance.
6 Prescribed agents for receipt and payment of money
For the Act, section 53(4), the following persons and class of persons are prescribed—(a) Austraclear Ltd, ACN 002 060 773,(b) the Museum of Contemporary Art Limited, ACN 003 765 517,(c) the NSW Trustee,(d) trustee companies.
7 Savings
An act, matter or thing that, immediately before the repeal of the Trustee Regulation 2020, had effect under that regulation continues to have effect under this regulation.