Australian Capital Territory Current Acts

DUTIES ACT 1999 - SECT 82

    (1)     For this section, a person is a beneficiary of a discretionary trust if the person is a person, or a member of a class of people, in whose favour, by the terms of the trust, capital the subject of the trust may be applied in the event—

        (a)     of the exercise of a power or discretion in favour of the person or class; or

        (b)     that a discretion conferred under the trust is not exercised.

Note     Discretionary trust —see the dictionary.

    (2)     A beneficiary of a discretionary trust is taken to own or to be otherwise entitled to the property the subject of the trust.

    (3)     For this part, any property that is the subject of a discretionary trust (the primary trust ) is taken to be the subject of any other discretionary trust—

        (a)     that is a beneficiary of the primary trust; or

        (b)     any trustee of which (in the capacity of trustee) is a beneficiary of the primary trust.

    (4)     Subsection (3) extends to apply to property that is the subject of a discretionary trust only by the operation of that subsection.

    (5)     However, subsection (2) or (3) does not apply in a particular case if the commissioner—

        (a)     is satisfied that the application of the subsection would be inequitable; and

        (b)     determines, in writing, that the subsection does not apply.

    (6)     In this section:

"person" includes an entity.

Note     Entity —see s 78A.