7Community trusts are excluded trusts

7 Community trusts are excluded trusts

(1) For section 52ZZB of the Act, each trust that is a community trust under subsection (2) is an excluded trust. (2) A community trust is a trust that has the sole or dominant purpose of: (a) receiving, managing or distributing property transferred directly to it, or through an interposed entity, by a government body for a community purpose; or (b) holding, managing or disposing of indigenous-held land, for a community purpose; or (c) receiving, managing or distributing income that: (i) has been generated from indigenous-held land; and (ii) is applied for a community purpose.

8 Fixed trusts created before reference time are excluded trusts

(1) For section 52ZZB of the Act, each fixed trust created before the reference time is an excluded trust. (2) However, a trust referred to in subsection (1) is not an excluded trust, if after the reference time: (a) the trust has been varied under the trust deed; or (b) there has been a transfer of property (other than income generated by the trust) to the trust.