Document ID: chunk:federal_register_of_legislation:C2025C00133:section:50
Version: federal_register_of_legislation:C2025C00133
Segment Type: section
Provision Reference: s 50
Character Range: 108651–110287

50  Treatment of trusts and superannuation funds and approved deposit funds that are trusts
 (1) This Act applies with the changes set out in this section to each of the following entities (the relevant entity) that is a reporting entity or a reporting nominee:
 (a) a trust;
 (b) a superannuation fund or approved deposit fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) that is a trust.

Relevant entities with a single trustee
 (2) If the relevant entity has a single trustee:
 (a) an obligation that would otherwise be imposed on the relevant entity by this Act is imposed on the trustee instead; and
 (b) a civil penalty provision of this Act that would otherwise have been contravened by the relevant entity is taken to have been contravened by the trustee.

Relevant entities with multiple trustees
 (3) If the relevant entity has 2 or more trustees:
 (a) an obligation that would otherwise be imposed on the relevant entity by this Act is imposed on each trustee instead, but may be discharged by any of the trustees; and
 (b) a civil penalty provision of this Act that would otherwise have been contravened by the relevant entity is taken to have been contravened by each trustee of the relevant entity, at the time the provision was contravened, who:
 (i) did the relevant act or made the relevant omission; or
 (ii) aided, abetted, counselled or procured the relevant act or omission; or
 (iii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the trustee).

Division 3—Reviewable decisions