Document ID: chunk:federal_register_of_legislation:C2006A00082:clause:7_52zzzwe
Version: federal_register_of_legislation:C2006A00082
Segment Type: clause
Provision Reference: sch 7 cl 52ZZZWE
Character Range: 69471–70912

52ZZZWE  Trust property requirements

 (1) The assets of the trust must not include any asset transferred to the trust by the principal beneficiary of the trust, or the principal beneficiary's partner, unless:
 (a) the transferred asset is all or part of a bequest, or of a superannuation death benefit; and
 (b) the transferor received the bequest or superannuation death benefit not more than 3 years before transferring the transferred asset.

 (2) The assets of the trust must not include any compensation received by or on behalf of the principal beneficiary.

 (3) The trust must not be used to pay an immediate family member, or a child, of the principal beneficiary for the provision to the beneficiary of:
 (a) care services; or
 (b) services for the repair or maintenance of the beneficiary's accommodation.

Note: For immediate family member, see subsection 5Q(1).

 (4) The trust must not be used to purchase or lease property from an immediate family member, or a child, of the principal beneficiary, even if the property is to be used for the beneficiary's accommodation.

Note: For immediate family member, see subsection 5Q(1).

 (5) In this section:

child, of a principal beneficiary, means the natural child, adopted child or step‑child of the beneficiary (no matter how old the child or step‑child is).

property includes:
 (a) a right to accommodation for life in a residence; and
 (b) a life interest in a residence.