Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

SOCIAL SECURITY ACT 1991 - SECT 1207W

Interest in a trust

             (1)  For the purposes of this Division, if an entity:

                     (a)  has entered into a contract to purchase a beneficial interest in the corpus or income of a trust; or

                     (b)  has a right, otherwise than by reason of holding an interest in a trust, to have such an interest transferred to the entity or to the entity's order (whether the right is exercisable presently or in the future) and whether on the fulfilment of a condition or not; or

                     (c)  has the right to acquire such an interest under an option (whether the right is exercisable presently or in the future) and whether on the fulfilment of a condition or not; or

                     (d)  is otherwise entitled to acquire such an interest;

the entity is taken to hold that interest in the trust.

             (2)  An entity is taken to hold an interest in the corpus or income of a trust even if the entity holds the interest jointly with another entity.

             (3)  An interest in the corpus or income of a trust is not to be disregarded only because of:

                     (a)  its remoteness; or

                     (b)  the manner in which it arose; or

                     (c)  the fact that the exercise of a right conferred by the interest is, or is capable of being made, subject to restraint or restriction.

             (4)  In this section:

"income" means income within the ordinary meaning of that expression.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback