10Trusts

10 Trusts

10 Trusts

(1) A Member must disclose a trust if the Member—

(a) has a beneficial interest in the trust, including a mere expectancy as a beneficiary of a discretionary trust, or

(b) is a trustee of the trust.

(2) The following information must be disclosed about the trust—

(a) the name of the trust,

(b) a description of the activities of the trust,

(c) the nature of the interest the Member has in the trust,

(d) the interests held by the trust, including interests in real property and investments.

(3) A trust is not required to be disclosed by a Member under subsection (1)(b) if the Member is trustee—

(a) as the executor or administrator of the estate of a deceased person and the Member is not a beneficiary under the will or intestacy, or

(b) in the ordinary course of an occupation of the Member that is not related to the Member’s duties as a Member.

(4) To avoid doubt—

(a) trusts that are superannuation funds, whether public or self-managed, and listed investment trusts must be disclosed under this section, but

(b) for a public superannuation fund where the Member has not elected to invest the interest in particular assets or classes of assets—the Member is not required to disclose a description of the activities of the trust under subsection (2)(b) or the interests held by the trust under subsection (2)(d).

(5) Despite subsection (2)(d), a Member may give the following information about a parcel of real property in which a trust has an interest as an alternative to disclosing the address of the parcel if the parcel is used by the Member or a relative of the Member for residential purposes—

(a) a statement that the parcel is, for the Member or relative of the Member—

(i) the principal place of residence, or

(ii) a secondary place of residence,

(b) the location of the parcel by suburb or area.