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Designated private trust
According to section 52ZZB of the VEA, a trust is a designated private trust unless:
the following conditions are satisfied, that is the trust:
units are held by 50 or more persons, and
the trust was not created, continued in existence or operated under a scheme that was entered into or carried out for the sole or dominant purpose of enabling any individual/s to avoid Division 11A (means test of private companies and private trusts), section 52ZZB of the VEA or the equivalent section of the Social Security Act, or
- the trust is a complying superannuation fund: or
- the trust is an excluded trust.
Units in relation to a trust, include a beneficial interest, however described, in the property or income of the trust.
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