Commonwealth Consolidated Acts

SOCIAL SECURITY ACT 1991 - SECT 1207W

  (1)   For the purposes of this Division, if an entity:

  (a)   has entered into a contract to purchase a beneficial interest in the corpus or income of a trust; or

  (b)   has a right, otherwise than by reason of holding an interest in a trust, to have such an interest transferred to the entity or to the entity's order (whether the right is exercisable presently or in the future) and whether on the fulfilment of a condition or not; or

  (c)   has the right to acquire such an interest under an option (whether the right is exercisable presently or in the future) and whether on the fulfilment of a condition or not; or

  (d)   is otherwise entitled to acquire such an interest;

the entity is taken to hold that interest in the trust.

  (2)   An entity is taken to hold an interest in the corpus or income of a trust even if the entity holds the interest jointly with another entity.

  (3)   An interest in the corpus or income of a trust is not to be disregarded only because of:

  (a)   its remoteness; or

  (b)   the manner in which it arose; or

  (c)   the fact that the exercise of a right conferred by the interest is, or is capable of being made, subject to restraint or restriction.

  (4)   In this section:

"income" means income within the ordinary meaning of that expression.