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These regulations may be cited as the Variation of Trusts Regulations 2024 .
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Tasmania regulation
These regulations set how the Variation of Trusts Act 1994 is applied: they prescribe a $500,000 threshold for Attorney‑General variation of charitable trusts (reg 4), require specific documents, valuations and consents for applications (reg 5), and make the court register available for inspection (reg 6).
Trustees and applicants must provide trust instruments, a draft scheme and evidence of value that is satisfactory to the Attorney‑General; the Attorney‑General retains discretion to accept valuation evidence.
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Direct links to the current provisions in Variation of Trusts Regulations 2024.
These regulations may be cited as the Variation of Trusts Regulations 2024 .
These regulations take effect on 10 December 2024.
In these regulations –
Act means the Variation of Trusts Act 1994 .
For the purposes of section 7(1) of the Act, the prescribed amount in relation to any trust property is $500,000, whether that property consists of, or includes, real property or personal property.
(1) An application for the approval of a scheme under section 7(2)(b) of the Act is to –
(a) state the terms and conditions of the trust to which it relates; and
(b) state the facts and circumstances specified in section 5 of the Act which would justify variation of the purposes of the trust; and
(c) state –
(i) the name and address of the trustees of the trust property at the time at which the application is made; and
(ii) the full details of the trust property, including its location, at the time at which the application is made.
(2) An application referred to in subregulation (1) is to –
(a) be accompanied by copies of the document creating the trust and of any variation to the trust, unless those documents are unavailable; and
(b) if the application is based on failure of the original purposes of the trust, be endorsed with a consent to the variation by any person who has, or may acquire, a claim to any of the trust property; and
(c) be accompanied by a draft scheme for the purposes of Part 2 of the Act; and
(d) be accompanied by evidence, satisfactory to the Attorney-General, of the value of each item of the trust property.
The register kept under section 9 of the Act is to be made available for inspection during the normal office hours of the Registry of the Court.
Displayed and numbered in accordance with the Rules Publication Act 1953.
Notified in the Gazette on 10 December 2024
These regulations are administered in the Department of Justice.
Sourced from Tasmanian Legislation Online (legislation.tas.gov.au), CC BY 4.0.
These regulations may be cited as the Variation of Trusts Regulations 2024 .
These regulations take effect on 10 December 2024.
In these regulations –
Act means the Variation of Trusts Act 1994 .
For the purposes of section 7(1) of the Act, the prescribed amount in relation to any trust property is $500,000, whether that property consists of, or includes, real property or personal property.
(1) An application for the approval of a scheme under section 7(2)(b) of the Act is to –
(a) state the terms and conditions of the trust to which it relates; and
(b) state the facts and circumstances specified in section 5 of the Act which would justify variation of the purposes of the trust; and
(c) state –
(i) the name and address of the trustees of the trust property at the time at which the application is made; and
(ii) the full details of the trust property, including its location, at the time at which the application is made.
(2) An application referred to in subregulation (1) is to –
(a) be accompanied by copies of the document creating the trust and of any variation to the trust, unless those documents are unavailable; and
(b) if the application is based on failure of the original purposes of the trust, be endorsed with a consent to the variation by any person who has, or may acquire, a claim to any of the trust property; and
(c) be accompanied by a draft scheme for the purposes of Part 2 of the Act; and
(d) be accompanied by evidence, satisfactory to the Attorney-General, of the value of each item of the trust property.
The register kept under section 9 of the Act is to be made available for inspection during the normal office hours of the Registry of the Court.
Displayed and numbered in accordance with the Rules Publication Act 1953.
Notified in the Gazette on 10 December 2024
These regulations are administered in the Department of Justice.