DUTIES ACT 2000 - SECT 69AA Definitions

DUTIES ACT 2000 - SECT 69AA

In this Division—

"capital beneficiary "of a discretionary trust means a person, or a member of a class of person, in whom, by the terms of the trust, the whole or any part of the capital of the trust estate may be vested or remain vested—

        (a)     in the event of the exercise of a power or discretion in favour of the person (whether or not that power is presently exercisable); or

        (b)     in the event that a discretion conferred under the trust is not exercised;

disqualifying interest has the meaning given by section 69AB ;

"farmland" means land used, or intended to be used, primarily for the business of primary production;

"fixed trust" means a trust under which the identity of the beneficiaries and the quantum of their interests are ascertained;

S. 69AA def. of nominee for a young farmer inserted by No. 46/2019 s. 3(a).

"nominee for a young farmer" means a person who holds farmland on trust for a young farmer but has no other active powers in respect of that land;

"primary production requirement" means the requirement referred to in section 69AC;

S. 69AA def. of young farmer substituted by No. 46/2019 s. 3(b).

"young farmer" means a natural person (not acting in the capacity of a trustee under a trust) who is engaged in, or intends to engage in, primary production on farmland;

S. 69AA def. of young farmer business entity amended by No. 46/2019 s. 3(c).

"young farmer business entity" means—

        (a)     a nominee for a young farmer; or

        (b)     a company (not acting in the capacity of a trustee under a trust) all the shares in which are owned by a young farmer, or the young farmer and the young farmer's partner; or

        (c)     a trustee under a discretionary trust, the capital beneficiaries of which are limited to a young farmer, or the young farmer and the young farmer's partner; or

        (d)     a trustee under a fixed trust, the beneficiaries of which are limited to a young farmer, or the young farmer and the young farmer's partner.

S. 69AB inserted by No. 28/2011 s. 19.