DUTIES ACT 2001 - SECT 225
Exemption—relevant acquisition in family trust
DUTIES ACT 2001 - SECT 225
Exemption—relevant acquisition in family trust
225 Exemption—relevant acquisition in family trust
(1) Corporate trustee duty is not imposed on a relevant acquisition if—
(a)
the trust of which the corporate trustee is trustee is established and
maintained primarily for the benefit of the members of a particular family or
a family company; and
(b) the acquirer under the relevant acquisition is a
member of the family who, or is a family company that, does not hold the
shares acquired as trustee.
(2) A trust is established and maintained
primarily for the benefit of the members of a particular family or a
family company if—
(a) the primary beneficiaries of the trust consist only
of members of the family or the family company; and
(b) the takers in default
of an appointment for capital by the trustee of the trust consist only of
members of the family or the family company.
(3) However, subsection (2) (b)
is taken to be satisfied if the last taker in default of an appointment for
capital by the trustee of the trust is—
(iv) parent, step-parent,
adoptive parent, grandparent or great grandparent.
(5) In this section—
"family company" , for a trust, means a corporation in which all its directors
and shareholders are members of the particular family for which the trust is
established and maintained.