Document ID: chunk:federal_register_of_legislation:C2004A03762:body:0:p5
Version: federal_register_of_legislation:C2004A03762
Segment Type: other
Provision Reference: 
Character Range: 10733–13299

than 15% of the corpus or income of the trust estate; or
     (b) 2 or more persons shall be 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) Where, 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 shall, for the purposes of subsection (1), be 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.".

12. After section 12 of the Principal Act the following sections are inserted:

Interests in Australian urban land
"12a. (1) In this Act, 'interest in Australian urban land' means:
     (a) a legal or equitable interest in Australian urban land, other than an interest under a lease or licence or in a unit in a unit trust estate;
     (b) an interest in a share in a company that owns Australian urban land, being a share that entitles the holder to a right to occupy a dwelling of a kind known as a flat or home unit situated on the land;
     (c) an interest as lessee or licensee in a lease or licence giving rights to occupy Australian urban land where the term of the lease or licence (including any extension) is reasonably likely, at the time the interest is acquired, to exceed 5 years;
     (d) an interest in an arrangement involving the sharing of profits or income from the use of, or dealings in, Australian urban land;
     (e) an interest in a share in an Australian urban land corporation;
     (f) an interest in a unit in an Australian urban land trust estate; or
     (g) if the trustee of an Australian urban land trust estate is a corporation—an interest in a share in that corporation.
"(2) For the purposes of this Act, an interest is an interest in Australian urban land even if it is the only interest that exists in the land or other thing concerned.
"(3) For the purposes of this Act, a person acquires an interest in Australian urban land even if:
     (a) the person acquires the interest jointly with another person or persons;
     (b) the person has previously acquired an interest in Australian urban land; or
     (c) the interest is an increase in the amount of an existing interest of the person in Australian urban land.
"(4) For the purposes of this Act, where a person:
     (a) enters into an agreement;