Queensland Numbered Acts

COMMUNITY AMBULANCE COVER LEVY REPEAL AND REVENUE AND OTHER LEGISLATION AMENDMENT ACT 2011 No. 20 - SECT 72

After section 161—

insert—

'(1) Subject to section 161B, the entitlement of a person on a distribution of a listed unit trust's property is the greater of the entitlement of the person as a unit holder, based on a distribution carried out—

(a) under the instrument creating the trust; or

(b) after the person or the person's representative has, to maximise the person's entitlement, exercised all powers and discretions to do all or any of the following—

(i) effect or compel a change of the instrument creating the trust;

(ii) vary the rights conferred by the units in the trust;

(iii) pay up any uncalled amount owing to the trust for the units;

(iv) satisfy conditions under the instrument creating the trust relating to the units;

(v) effect or compel the substitution or replacement of units in the trust with other units in the trust;

(vi) effect or compel the fulfilment of a condition;

(vii) effect or compel the outcome of a contingency;

(viii) effect or compel the exercise or non-exercise of a power or discretion.

'(2) The entitlement of a person under subsection (1) must be worked out without regard to the liabilities of the trust.

'(3) In this section—

representative, of another person, means someone who is accustomed, or under an obligation, or reasonably expected to act under the directions, instructions or wishes of the other person.

'(1) If the commissioner considers the application of section 161(1)(b) or 161A(1)(b) would be inequitable, the commissioner may decide the entitlement of a person be based on a distribution carried out under section 161(1)(a) or 161A(1)(a).

'(2) Also, if a person makes a relevant acquisition because interests are aggregated under section 158(1)(b)(ii), the entitlements under section 161(1)(b) or 161A(1)(b) of the person and the related persons of the person must not be more than 100%.'.