17Periods during which waiver notices have effect

17 Periods during which waiver notices have effect

Trusts created before 1 January 2011 with a trust deed that can be varied and all trusts created after 1 January 2011 (1) Subsections (2) and (3) apply to the following: (a) a trust created before 1 January 2011 (other than a trust in relation to which the trust deed cannot be varied); (b) a trust created on or after 1 January 2011. (2) The period during which a waiver notice in relation to the trust may have effect is a period of not more than 3 months from the time the period of effect starts under paragraph 1209U(2)(a) of the Act. (3) The Secretary may, on application made by the trustees of the trust, extend the period of effect of a waiver notice (other than a waiver notice given in relation to a contravention of a requirement in subsection 1209S(1) of the Act) for further periods of up to 3 months only if the total period during which the waiver notice would have effect would not exceed 12 months. Trusts created before 1 January 2011 with a trust deed that cannot be varied (4) Subsections (5) and (6) apply to a trust created before 1 January 2011 in relation to which the trust deed cannot be varied. (5) The period during which a waiver notice in relation to the trust (other than a waiver notice given in relation to a contravention of a requirement in subsection 1209S(1) of the Act) may have effect is: (a) if the notice does not state a time for the end of its period of effect—an indefinite period from the time the period of effect starts under paragraph 1209U(2)(a) of the Act; or (b) in any other case—from the time the period of effect starts under paragraph 1209U(2)(a) of the Act until the time stated in the notice for the end of its period of effect in accordance with paragraph 1209U(2)(b) of the Act. (6) A waiver notice given in relation to the trust in respect of a contravention of a requirement in subsection 1209S(1) of the Act may have effect during a period of not more than 3 months from the time the period of effect starts under paragraph 1209U(2)(a) of the Act.