South Australian Numbered Acts South Australian Numbered Acts5—Amendment of section 2—Interpretation
(1) Section 2(1), definition of "aggregation principle —delete the definition and substitute:
"administration trust" means a trust under which the assets of a deceased person are held by a personal representative, but only during the period ending on the earlier of—
(a) the completion of administration of the deceased estate; or
(b) the third anniversary of the death of the deceased person or the further period (if any) approved by the Commissioner under subsection (1a);
(2) Section 2(1)—after the definition of "association" insert:
"beneficiary" of a discretionary trust means a person, or a member of a class of persons, in whom, by the terms of the trust, the whole or any part of the trust property may be vested—
(a) in the event of the exercise of a power or discretion in favour of the person (whether or not that power is presently exercisable); or
(b) in the event that a discretion conferred under the trust is not exercised;
(3) Section 2(1)—after the definition of "business of primary production insert:
"child maintenance land" means land held on trust that was transferred to the trustee for the benefit of a beneficiary as the result of a family breakdown within the meaning of section 102AGA of the Income Tax Assessment Act 1936 of the Commonwealth;
(4) Section 2(1)—after the definition of "the Commissioner insert:
"Commonwealth Superannuation Act" means the Superannuation Industry (Supervision) Act 1993 of the Commonwealth;
(5) Section 2(1)—after the definition of "company" insert:
"concessional trust" means—
(a) a trust of which each beneficiary is—
(i) a person in respect of whom a guardianship order or an administration order is in force under the Guardianship and Administration Act 1993
; or
(ii) a person with a disability within the meaning of the Disability Services Act 1993
; or
(b) a trust created under an order of a court or tribunal, or otherwise created under an Act, for the benefit of a person under disability; or
(c) a special disability trust (within the meaning of section 5);
(d) a trust of a kind prescribed by the regulations;
"controlling interest"—see section 13H;
"corporation" has the same meaning as in section 9 of the Corporations Act 2001 of the Commonwealth;
(6) Section 2(1), definition of "defined rural area"—delete "under section 9" and substitute:
by proclamation to be a defined rural area
(7) Section 2(1), definition of "defined shack-site area"—delete "under section 10" and substitute:
by proclamation to be a defined shack-site area
(8) Section 2(1)—after the definition of "determination of site value insert:
"discretionary trust" means a trust under which the vesting of the whole or any part of the trust property—
(a) is required to be determined by a person either in respect of the identity of the beneficiaries or the quantum of interest to be taken, or both; or
(b) will occur in the event that a discretion conferred under the trust is not exercised,
but does not include an excluded trust;
(9) Section 2(1)—after the definition of "document" insert:
"excluded trust" means each of the following:
(a) a charitable trust;
(b) a concessional trust;
(c) a trust the sole beneficiary or beneficiaries of which is or are an association referred to in section 4(1);
(d) a trust, for any tax year in relation to which it is a superannuation trust;
(e) a trust established by a superannuation trust solely for the purposes of an arrangement of a kind authorised under section 67A of the Commonwealth Superannuation Act;
(f) a trust that holds child maintenance land;
(g) an administration trust;
"fixed trust" means a trust that is not an excluded trust, a discretionary trust or a trust to which a unit trust scheme relates;
(10) Section 2 (1)—after the definition of "land tax" insert:
"listed trust" has the same meaning as in the Stamp Duties Act 1923
;
(11) Section 2(1), definition of "owner"—after paragraph (e) insert:
and
(f) in any case, includes a person who is deemed by this Act to be an owner;
(12) Section 2(1)—after the definition of "owner" insert:
"public unit trust scheme" means a listed trust or a widely held trust;
"related corporations"—see section 13G;
"residential land exemption" means an exemption under section 5(10)(a), (ab), (ac), (ad), (b), (ba) or (bb);
(13) Section 2(1)—after the definition of "site value" insert:
"superannuation trust" means, in relation to a financial year, a trust established before the start of the financial year that, in relation to the year of income ending in that financial year, is—
(a) a complying superannuation fund (within the meaning of section 42 or 42A of the Commonwealth Superannuation Act); or
(b) a complying approved deposit fund (within the meaning of section 43 of the Commonwealth Superannuation Act); or
(c) a pooled superannuation trust (within the meaning of section 44 of the Commonwealth Superannuation Act);
(14) Section 2(1)—after the definition of "tax" insert:
"taxable value"—see section 7;
(15) Section 2(1)—after the definition of "trade" insert:
"trust"—
(a) includes an administration or testamentary trust under which property of a deceased person is held by a personal representative or trustee (but only once the personal representative or trustee is actually holding the property); and
(b) does not include an implied, constructive or resulting trust, except where expressly provided by this Act;
"trustee" includes trustee, executor, administrator, guardian, liquidator and any person having or taking upon themselves the possession, administration, or control of land, income, or other property of any description affected by any trust, or having the possession, control, or management of land of a person under any legal or other disability;
"unit" in a unit trust scheme, means—
(a) a right or interest (whether described as a unit or a sub-unit or otherwise) of a beneficiary under the scheme; or
(b) a right to any such right or interest,
that entitles the beneficiary to participate proportionately with other unitholders in a distribution of the property of the trust on its vesting;
"unit trust scheme" means an arrangement made for the purpose, or having the effect, of providing facilities for participation by a person, as a beneficiary under a trust, in any profit or income arising from the acquisition, holding, management or disposal of property under the trust, but does not include an excluded trust;
"widely held trust" has the same meaning as that term would have in the Stamp Duties Act 1923
if a reference in section 97(1) of that Act to "300 unitholders" were a reference to "50 unitholders".
(16) Section 2—after subsection (1) insert:
(1a) For the purposes of paragraph (b) of the definition of "administration trust" in subsection (1), the Commissioner may approve a further period in any particular case.
(1b) A proclamation made for the purposes of the definition of "defined rural area" or "defined shack-site area" in subsection (1)—
(a) may be varied or revoked by subsequent proclamation by the Governor; and
(b) is effective from a day (which may be antecedent or subsequent to the day on which it is made) determined by the Governor.
(1c) For the purposes of this Act, the various "capacities" in which a person may be the owner of land are as follows:
(a) as legal owner;
(b) as equitable owner;
(c) as prospective owner (ie a person who has entered into a contract to purchase or acquire an estate or interest in the land);
(d) as lessee under a perpetual lease or a shack-site lease;
(e) if the land is in a defined shack-site area—as occupier.
(1d) For the purposes of this Act, a trustee's right of indemnity from the trust property is taken not to be a beneficial interest in the land subject to the trust.