Document ID: chunk:federal_register_of_legislation:F2021L01346:reg:15:p1
Version: federal_register_of_legislation:F2021L01346
Segment Type: reg
Provision Reference: reg 15 (pt 1/2)
Character Range: 10266–12940

15  Whether or not to give waiver notices
 (1) Subject to subsection (2), the Commission may decide to give a waiver notice to the trustees of a trust if the Commission is satisfied of the following matters:
 (a) the requirement of Subdivision A of Division 11B of Part IIIB of the Act that has been contravened in relation to the trust is a requirement in one of the following provisions of the Act:
 (i) for a trust created before 1 January 2011 in relation to which the trust deed cannot be varied—section 52ZZZWB, section 52ZZZWC or subsection 52ZZZWF(1) or (3) of the Act;
 (ii) for any other trust—section 52ZZZWB or subsection 52ZZZWF(1) or (3) of the Act;
 (b) the contravention of the requirement does not involve fraudulent conduct;
 (c) for a contravention of a requirement in subsection 52ZZZWF(1) of the Act—the contravention was not caused by the trustees of the trust;
 (d) for a contravention of a requirement to only use income that the trust derives, and the assets of the trust, for the purposes mentioned in subsection 52ZZZWB(1) or (2) of the Act:
 (i) the total use of income that the trust derives and assets of the trust for a purpose other than a purpose mentioned in subsection (2) of this section does not amount to more than $5,000 for the financial year during which the contravention occurs; and
 (ii) having regard to all the circumstances, including the nature of the contravention and the frequency of any other such contraventions in relation to the trust, the requirement should be waived.
 (2) For the purposes of subparagraph (1)(d)(i), the purposes are any of the following:
 (a) to meet reasonable care and accommodation needs of the principal beneficiary;
 (b) for purposes, ancillary to meeting the reasonable care and accommodation needs of the principal beneficiary, that are necessary or desirable to facilitate the meeting of those needs;
 (c) for other purposes that are primarily for the benefit of the principal beneficiary.
 (3) For the purposes of subparagraph (1)(d)(ii), contraventions are considered frequent if the Commission is proposing to notify the trustees of the trust of a contravention of a kind referred to in paragraph (1)(d) in relation to the trust and the trustees of the trust have previously been notified of another such contravention in relation to the trust either:
 (a) in the same financial year; or
 (b) in the previous financial year.
 (4) The Commission may decide to give a waiver notice to the trustees of a trust created on or after 20 September 2006 and before 1 January 2011 in relation to which the trust deed cannot be varied, if the Commission is satisfied that the trust has complied with