3BConcessional trust—meaning

#### 3B Concessional trust—meaning 3B Concessional trust—meaning > > (1) For the purposes of this Act, a trust is a concessional trust if— > > > > > (a) the trust property includes land, and > > > > > (b) each person who is a beneficiary of the trust is— > > > > > > > (i) a person under the age of 18 years, or > > > > > > > (ii) a person in respect of whom a guardianship order is in force under the [Guardianship Act 1987](/view/html/inforce/current/act-1987-257), or > > > > > > > (iii) a person in the relevant group within the meaning of the [Coroners Act 2009](/view/html/inforce/current/act-2009-041). > > > (2) For the purposes of this section, a person is a beneficiary of a trust if the person is a person, or a member of a class of persons— > > > > > (a) in whose favour, by the terms of the trust, capital or income the subject of the trust may be applied— > > > > > > > (i) in the event of the exercise of a power or discretion in favour of the person, or > > > > > > > (ii) in the event that a discretion conferred under the trust is not exercised, or > > > > > (b) entitled or permitted, under the terms of the trust, to use and occupy land that is the subject of the trust. > > > (3) For the purposes of this Act— > > > > > (a) a special disability trust (within the meaning of section 1209L of the [Social Security Act 1991](http://www.legislation.gov.au/) of the Commonwealth or section 52ZZZW of the [Veterans’ Entitlements Act 1986](http://www.legislation.gov.au/) of the Commonwealth) is taken to be a concessional trust, and > > > > > (b) the principal beneficiary of the special disability trust, as referred to in section 1209M of the [Social Security Act 1991](http://www.legislation.gov.au/) of the Commonwealth or section 52ZZZWA of the [Veterans’ Entitlements Act 1986](http://www.legislation.gov.au/) of the Commonwealth, is taken to be a beneficiary of the trust. > > **s 3B:** Ins 2002 No 108, Sch 2.2 \[5\]. Am 2010 No 46, Sch 6 \[1\]; 2012 No 20, Sch 2 \[2\] \[3\]; 2014 No 41, Sch 5.6; 2022 No 35, Sch 2.6.