I-3 - Taxation Act

Section 592.7 Disposition versions

2024-05-07

592.7. In this chapter,

“specified trust”, at any time, means a trust in respect of which the following conditions are met at that time:

(a)  in the absence of section 592.9, the trust would be described in paragraph h of the definition of “exempt foreign trust” in the first paragraph of section 593;

(b)  the trust is resident in Australia or India (each of those jurisdictions being in this chapter referred to as a “specified jurisdiction”);

(c)  the interest of each beneficiary under the trust is described by reference to units of the trust; and

(d)  the liability of each beneficiary under the trust is limited by the operation of any law governing the trust;

“fixed interest” has the meaning assigned by the first paragraph of section 593.

2017, c. 1, s. 146; 2024, c. 11, s. 54.

2017-02-08

592.7. In this chapter,

“Australian trust”, at any time, means a trust in respect of which the following conditions are met at that time:

(a)  in the absence of section 592.9, the trust would be described in paragraph h of the definition of “exempt foreign trust” in the first paragraph of section 593;

(b)  the trust is resident in Australia;

(c)  the interest of each beneficiary under the trust is described by reference to units of the trust; and

(d)  the liability of each beneficiary under the trust is limited by the operation of any law governing the trust;

“fixed interest” has the meaning assigned by the first paragraph of section 593.

2017, c. 1, s. 146.