Document ID: chunk:federal_register_of_legislation:C2024C00549:section:13:p1
Version: federal_register_of_legislation:C2024C00549
Segment Type: section
Provision Reference: s 13 (pt 1/10)
Character Range: 133743–136626

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.

Endnotes

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Endnote 1—About the endnotes
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Abbreviation key—Endnote 2
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Legislation history and amendment history—Endnotes 3 and 4
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Editorial changes
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Misdescribed amendments
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