Document ID: chunk:federal_register_of_legislation:C2024C00680:section:13
Version: federal_register_of_legislation:C2024C00680
Segment Type: section
Provision Reference: s 13
Character Range: 352140–353113

13  Substantial interests in trust estates
 (1) For the purposes of the ownership provisions:
 (a) a person is taken to hold a substantial interest in a trust estate if the person, alone or together with an associate or associates, holds a beneficial interest in not less than 15% of the corpus or income of the trust estate; and
 (b) 2 or more persons are taken to hold an aggregate substantial interest in a trust estate if the persons, together with an associate or associates, hold, in the aggregate, beneficial interests in not less than 40% of the corpus or income of the trust estate.
 (2) For the purposes of subclause (1), if, under the terms of a trust, a trustee has a power or discretion as to the distribution of the income or corpus of the trust estate to beneficiaries, each beneficiary is taken to hold a beneficial interest in the maximum percentage of income or corpus of the trust estate that the trustee is empowered to distribute to that beneficiary.