Federal Register of Legislation - Australian Government

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Declarations/Other as made
This instrument declares classes of trusts that are excluded trusts under the Veterans' Entitlements Act 1986 (VEA). The effect of a trust being an excluded trust is that the assets and income of such a trust will not be attributed to an individual pensioner for means-testing purposes under the VEA.
Administered by: Veterans' Affairs
Registered 11 Aug 2015
Tabling HistoryDate
Tabled HR12-Aug-2015
Tabled Senate13-Aug-2015

Veterans' Entitlements (Means Test Treatment of Private Trusts — Excluded Trusts) Declaration 2015

 

Instrument 2015 No. R10

 

The REPATRIATION COMMISSION makes this Declaration under subsection 52ZZB (4) of the Veterans' Entitlements Act 1986 (VEA).

 

Dated this 6th                           day of                     August                       2015

Simon Lewis                                               Craig Orme

……………………………………………………………………………

SIMON LEWIS                                                                       CRAIG ORME   

                                                                                                   AM CSC            

   PRESIDENT                                                                  DEPUTY PRESIDENT                

 

 

 

 

 

 

 

 

 

Part 1: Preliminary

 

1.1     Name of declaration

 

          This Declaration is the Veterans’ Entitlements (Means Test Treatment     

            of Private Trusts – Excluded Trusts) Declaration 2015.   

 

1.2     Commencement

               

            This Declaration commences on the day after registration.

 

1.3     Revocation

 

          The Veterans’ Entitlements (Means Test Treatment of Private Trusts –

            Excluded Trusts) Declaration 2005 (Instrument 2005 No.6) is revoked.

 

1.4     Purpose

         

          This purpose of this Declaration is to specify classes of trusts that are         excluded trusts for section 52ZZB of the VEA.

 

1.5     Definitions

            

                            In this Declaration:


            community purpose means a purpose that is intended to benefit   primarily the members of a particular community or group.

 

            government body includes the following kinds of body:

 

                                       (a)        a department or agency of the Commonwealth;

                                       (b)        a department or agency of a State or Territory;

                                       (c)        a municipal corporation or other local government body;

                                       (d)        a body corporate in which the Commonwealth, a State or a                                    Territory body holds a controlling interest.

 

            income has the same meaning as in subsection 52ZZB (7) of the VEA.

 

            indigenous-held land has the same meaning as in section 4B of the         Aboriginal and Torres Strait Islander Act 2005.

 

            reference time means 7.30 pm, standard time in the Australian Capital      Territory, on 9 May 2000.


 

Part 2: Specified classes of trusts

 

2.1     Community trusts are excluded trusts

 

            (1)       Each trust that is a community trust is an excluded trust for                                        section 52ZZB of the VEA.

 

            (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.

 

2.2     Fixed trusts created before reference time are excluded trusts

 

            (1)       Each trust that is a fixed trust created before the reference time                                            is an excluded trust for section 52ZZB of the Act.

 

            (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.