Document ID: chunk:federal_register_of_legislation:C2025C00162:clause:1a_1207v:p1
Version: federal_register_of_legislation:C2025C00162
Segment Type: clause
Provision Reference: sch 1A cl 1207V (pt 1/3)
Character Range: 2560116–2562637

1207V  Controlled private trusts
 (1) For the purposes of this Part, a trust is a controlled private trust in relation to an individual if the trust is a designated private trust and:
 (a) the individual passes the control test set out in subsection (2); or
 (b) the individual passes the source test set out in subsection (3).

Control test
 (2) For the purposes of this section, the individual passes the control test in relation to a trust if:
 (a) the individual, or an associate of the individual (other than an associate covered by paragraph 1207C(1)(j)), is the trustee, or any of the trustees, of the trust; or
 (b) a group in relation to the individual was able to remove or appoint the trustee, or any of the trustees, of the trust; or
 (c) a group in relation to the individual was able to vary the trust deed or to veto the decisions of the trustee; or
 (ca) it could reasonably be expected that the trustee of the trust would make an application of the corpus or income of the trust to the individual if the individual could not meet his or her reasonable costs of living (within the meaning of subsection 19C(5)); or
 (d) the aggregate of:
 (i) the beneficial interests in the corpus or income of the trust held by the individual (whether directly or indirectly); and
 (ii) the beneficial interests in the corpus or income of the trust held by associates of the individual (whether directly or indirectly);
  is 50% or more; or
 (da) either or both of the following apply:
 (i) the individual is eligible to receive an application of the corpus or income of the trust;
 (ii) one or more of the individual's associates are eligible to receive an application of the corpus or income of the trust;
  and the aggregate number of entities covered by subparagraphs (i) and (ii) is 50% or more of the total number of entities eligible to receive an application of the corpus or income of the trust; or
 (e) a group in relation to the individual had the power (by means of the exercise by the group of any power of appointment or revocation or otherwise) to obtain, with or without the consent of any other entity, the beneficial enjoyment of the corpus or income of the trust; or
 (f) a group in relation to the individual was able in any manner whatsoever, whether directly or indirectly, to control the application of the corpus or income of the trust; or
 (g) a group in relation to the individual was capable under a scheme of gaining the enjoyment or the control referred to in paragraph (e) or (f); or
 (h) a