This section contains information on the treatment of various types of controlled private trusts such as protective, testamentary and fixed (non-discretionary) trusts from 1 January 2002. It also includes information on trusts that are excluded under Part IIIB, Division 11A [2] of the VEA.
If assets have been transferred to a discretionary trust [4] before 7.30pm 9 May 2000, attribution among the attributable stakeholders [4] of the trust should be determined according to the degree of control [4] capable of being exercised in the trust by the stakeholder(s).
More ? [5]
If a discretionary trust:
the determination of attribution percentage [4] among attributable stakeholders should be made with regard to the source of the assets of the trust.
If the delegate is satisfied that attributing the assets or income, or both, of the structure to the source would produce an inappropriate result, attribution should be determined according to the degree of control capable of being exercised in the trust by the stakeholder(s).
More ? [6]
VEA ? [7]
Rural succession trusts vary from a discretionary trust in that they hold land only. They do not trade or lodge tax returns and rarely have an associated balance sheet other than when the original transfer of the property took place. There is usually an appointor (parent) with the child acting as trustee [4]. They are set up to minimise death duties, stamp duties and the effects of marital breakdowns. The powers of the appointor should be examined and if their only power is the prevention of sale of the land, the trustee will be attributed with the assets, with more potential to effect Centrelink and Family Payments. The concessional treatment of such trusts only applies where the limited appointorship was created prior to 1 April 2002. The appointor must have also ceased involvement in the farm partnership by 31 March 2002.
Under pre-1/1/2002 rules, the income and assets generated by fixed (non-discretionary) trusts [4], including fixed testamentary trusts, are fully assessed against the trust beneficiaries in the fixed proportions laid down by the trust deed. The practice of assessing the asset value based on net asset backing method [4] and the income on actual distributions to beneficiaries will continue for fixed trusts established before 7.30p.m. 9 May 2000. Fixed trusts established after 7.30pm 9 May 2000 will be assessed under the current (ie post-1/1/2002) rules.
Also, if after 7.30pm 9 May 2000:
the delegate should determine attribution among the attributable stakeholders [4] of the trust as if the trust had been established after that date if, in the circumstances, the delegate considers it appropriate to do so. An exception would be if a beneficiary of the trust passes away and a refixing of the entitlements of the beneficiaries is required.
A discretionary trust is a private trust set up by an individual or individuals either to:
In virtually all cases the trust deed gives absolute discretion to the trustee to distribute both income and capital among the beneficiaries as he or she sees fit.
According to section 52ZZJ of the VEA [15], a person is an attributable stakeholder if a company or trust is a controlled private company or trust in relation to the individual unless the Commission determines otherwise.
Control includes control as a result of, or by means of, trusts, agreements, arrangements, understandings and practices, whether or not having legal or equitable force and whether or not based on legal or equitable rights.
Attribution percentage is the percentage of income or assets in the private trust or company that will be taken to be the income and assets of the pensioner for the purpose of the income and assets tests. This only applies if the pensioner (or spouse) is determined to be a controller of the private trust or company.
Trustee has two meanings depending on the context, (i) and (ii).
(i) a person who looks after someone else's affairs
According to section 202 of the VEA [15], a trustee is a person appointed by the Commission to administer the financial affairs of a pensioner who may be incapable of managing their own affairs for reasons such as:
These criteria include circumstances where a pensioner has a psychiatric disorder or a mental illness as a result of alcohol or drug addiction.
A trustee can be appointed, with or without the consent of the pensioner and once appointed, a trustee has full control of the pension payment.
(ii) a person responsible for administration of a trust
According to section 52ZO of the VEA [15], trustee has the same meaning as in the Income Tax Assessment Act 1997 [16].
A non-discretionary trust is a trust for which the terms of the trust deed do not give the trustee discretion about whether to:
The net asset backing method provides the least complex and consistent basis for assessing the value of private companies. The method values the shares in a private company by calculating the:
The calculation is based upon information in the company balance sheet and depreciation schedule taking into consideration the current market value rather than the historical value as may appear in the balance sheet.
According to section 52ZZJ of the VEA [15], a person is an attributable stakeholder if a company or trust is a controlled private company or trust in relation to the individual unless the Commission determines otherwise.
The assets [4] and income [4] generated by fixed trusts, including fixed testamentary trusts [4], are fully assessed against the trust beneficiaries in the fixed proportions laid down by the trust deed. The practice of assessing the asset value based on the fixed entitlements of the beneficiaries and the income on actual distributions to beneficiaries will continue only for fixed trusts established before 7.30pm 9 May 2000.
However, if after 7.30pm 9 May 2000:
attribution should be determined among the attributable stakeholders [4] of the trust as if the trust had been established after that date if, in the circumstances, the delegate considers it appropriate to do so.
More ? [18]
Janet (66) is the beneficiary of Robert's (her late husband's) will. Robert owned the principal home and $600,000 worth of other assets, and passed away on 20 February 2000. In Robert's will Janet was granted the principal home and $100,000 worth of other assets. Robert's will also specified that their five children each receive roughly $100,000 worth of assets. However the trust deed provides that the trust can be altered with the unanimous agreement of Janet and the five children (who are all trustees of the trust). Janet and her children agree to increase Janet's share of the trust property to $200,000 with them each taking a smaller share (and knowing that they will receive the balance of what they are transferring to Janet on her death). The change to the will takes place on 22 June 2000 and means that the eligibility of Janet and her children to income support payments must be reconsidered as these changes have been made after 7:30pm on 9 May 2000. The reassessment of Janet's entitlement results in a 100% attribution of income and assets to Janet.
If a discretionary testamentary trust is activated by the death of the testator on or before 31 March 2001, the trust assets and income would generally be attributed, via the basic attribution rules, to the formal controller. However, if the trust is being administered for the benefit of the surviving spouse and the surviving spouse is exercising informal control, attribution will be to the surviving spouse.
If a testamentary trust is activated by the death of the testator after 31 March 2001, the surviving spouse will be attributed with the assets and income of the trust if:
This is because if the surviving spouse directly controls the trust, they can simply appoint themselves as a beneficiary or alternatively exert their powers to obtain benefit informally. Alternatively, if an associate has control and the surviving spouse is a potential beneficiary, a reasonable assessment of the situation is that the surviving spouse will enjoy the benefits of the trust. If the surviving spouse (or an associate of the surviving spouse) does not control the trust, attribution may be made, via the basic attribution rules, to the person(s) or members of a couple [4] who have control of the trust.
Some testamentary trusts will be established with a commercial trustee [4] as the controller of the trust. In these cases the terms of the will need to be examined carefully to determine who the testator intended to benefit under the terms of the will. Where the surviving spouse is not a beneficiary of such a trust, attribution should be made to those who are specifically nominated as beneficiaries of the trust.
An asset means any property, including property outside Australia.
According to section 5H of the VEA [20] income is:
A trust created by a will (testament) which usually takes effect upon the death of the writer of the will.
According to section 52ZZJ of the VEA [15], a person is an attributable stakeholder if a company or trust is a controlled private company or trust in relation to the individual unless the Commission determines otherwise.
Control includes control as a result of, or by means of, trusts, agreements, arrangements, understandings and practices, whether or not having legal or equitable force and whether or not based on legal or equitable rights.
An associate of an individual for the purposes of private trusts and private companies has the meaning given by section 52ZQ of the VEA [15].
According to Section 5E(2) [21]of the VEA [21]a person is a member of a couple, if they are:
The term “partnered” is also commonly used.
Trustee has two meanings depending on the context, (i) and (ii).
(i) a person who looks after someone else's affairs
According to section 202 of the VEA [15], a trustee is a person appointed by the Commission to administer the financial affairs of a pensioner who may be incapable of managing their own affairs for reasons such as:
These criteria include circumstances where a pensioner has a psychiatric disorder or a mental illness as a result of alcohol or drug addiction.
A trustee can be appointed, with or without the consent of the pensioner and once appointed, a trustee has full control of the pension payment.
(ii) a person responsible for administration of a trust
According to section 52ZO of the VEA [15], trustee has the same meaning as in the Income Tax Assessment Act 1997 [16].
A life interest [4] is an exempt asset [4] unless included in one of the exceptions (under paragraph 52(1) (c) of the VEA [13]). A life interest does not form part of a trust. A life interest that is granted to a person under a will that also establishes a testamentary trust [4] is not an asset of the testamentary trust but rather is an asset of the person to whom the life interest is granted.
More ? [23]
A remainder interest [4] is an exempt asset [4] unless included in one of the exceptions (under paragraph 52(1) (h) of the VEA [13]). A remainder interest is generally established when a life interest [4] is created. The remainder interest is the future right the person (or entity [4]) has to an asset while the holder of the life interest is alive and the life interest has not been forgone.
VEA ? [24]
On rare occasions a remainder interest [4] may not form part of a trust. If a person creates a life interest [4] via their will and provides in that will for the remainder interest to go directly to a third party without creating a trust, the remainder interest will not form part of a trust. In this case, the remainder interest is assessed under the normal rules and the trusts and companies rules do not come into play. The remainder interest in this instance is exempt unless it meets one of the exceptions under paragraph 52(1) (h) of the VEA [13].
Clark's will creates a life interest in the farmland he owned to his wife Lois, with the farm to go to their son Lex on Lois's death. Clark's will states 'I give a life interest in the farmland to my wife Lois, and the remainder interest in the farmland to my son Lex'. In this case, Clark's will allows 2 titles to be created in the farmland, one in relation to the life interest granted (to Lois) and one in relation to the remainder interest granted (to Lex). Both these interests are saleable and no trust is created.
However, Clark's will might instead state 'I give a life interest in the farmland to my wife Lois, and once Lois has passed away I give the farmland to those children of mine who are alive at that time'. In this case, no present entitlement exists in the remainder interest in the farmland for Lex and any other children of Clark until Lois has passed away, so the remainder interest is held as part of a trust which will be assessable under the trusts and companies rules.
A remainder interest [4] may form part of a trust, especially if the remainder interest is established by a will, which also creates a testamentary trust. If a remainder interest is part of a trust, it is an asset of that trust and may be assessable against the controller of the trust, unless it is an exempt asset [4] for that controller. To determine the value of a remainder interest, an actuarial valuation is required.
Jennifer (68) is the beneficiary of Reg's (her late husband's) will. Reg left Jennifer a life interest in a $300,000 investment property, which the actuary has valued at $95,000. Reg and Jennifer have one daughter, Sharon, who is to receive the $300,000 investment property absolutely on Jennifer's death. Sharon therefore has a conditional interest in this property that will be realised on Jennifer's death. The remainder interest that remains in the trust until Jennifer's death has a value determined by the actuary to be $180,000. This remainder interest is contained within the testamentary trust and may be attributed to the controller of the trust, depending on who the controller is. If the controller is Jennifer, she will be attributed with the remainder interest. If the controller is Sharon, however, Sharon will not be attributed with the value of the remainder interest, as it is an exempt asset [4] for her, being created by someone other than Sharon or her spouse.
More ? [25]
If an individual is the controller of a trust containing a remainder interest [4], and this trust was activated prior to 31 March 2001, that person will not be attributed with the remainder interest even though they are the controller of the trust. This concession was considered appropriate to allow people time to rearrange their financial affairs, and to avoid an attribution percentage [4] being applied to those who could not alter the arrangements surrounding their interest in a testamentary trust.
More ? [26]
David had established a testamentary trust and life interest as part of his will to allow his partner, Winifred, to use an investment property for the remainder of her life (i.e. Winifred has a life interest in this investment property). On Winifred's death this property will pass beneficially to the couple's son, Geoff. David passed away in August 2000, leaving Winifred as trustee [4] of the testamentary trust. As David's death was prior to 31 March 2001, the remainder interest that would generally have been considered an asset of the trust and attributed to Winifred as the trust controller, will not be assessed as an asset of the trust and therefore not attributed to Winifred.
A life interest arises when a pensioner:
A life interest remains current until the pensioner:
An exempt asset is one that is disregarded when calculating the value of a person's assets [4] under the assets test [4]. Examples of exempt assets include:
For a full legislative definition see section 52 of the VEA.
A trust created by a will (testament) which usually takes effect upon the death of the writer of the will.
A remainder interest is created when the owner of an asset transfers the legal title of the asset to another person and retains, or grants to a third person, an interest in the asset for life or a specified length of time. The interest held by the person is called a remainder interest. The person does not gain the benefit of their interest until the original owner's interest ends.
An exempt asset is one that is disregarded when calculating the value of a person's assets [4] under the assets test [4]. Examples of exempt assets include:
For a full legislative definition see section 52 of the VEA.
A life interest arises when a pensioner:
A life interest remains current until the pensioner:
An entity means any of the following:
an individual,
a company,
a trust,
a business partnership,
a corporation sole,
a body politic.
A remainder interest is created when the owner of an asset transfers the legal title of the asset to another person and retains, or grants to a third person, an interest in the asset for life or a specified length of time. The interest held by the person is called a remainder interest. The person does not gain the benefit of their interest until the original owner's interest ends.
A life interest arises when a pensioner:
A life interest remains current until the pensioner:
A remainder interest is created when the owner of an asset transfers the legal title of the asset to another person and retains, or grants to a third person, an interest in the asset for life or a specified length of time. The interest held by the person is called a remainder interest. The person does not gain the benefit of their interest until the original owner's interest ends.
An exempt asset is one that is disregarded when calculating the value of a person's assets [4] under the assets test [4]. Examples of exempt assets include:
For a full legislative definition see section 52 of the VEA.
An exempt asset is one that is disregarded when calculating the value of a person's assets [4] under the assets test [4]. Examples of exempt assets include:
For a full legislative definition see section 52 of the VEA.
A remainder interest is created when the owner of an asset transfers the legal title of the asset to another person and retains, or grants to a third person, an interest in the asset for life or a specified length of time. The interest held by the person is called a remainder interest. The person does not gain the benefit of their interest until the original owner's interest ends.
Attribution percentage is the percentage of income or assets in the private trust or company that will be taken to be the income and assets of the pensioner for the purpose of the income and assets tests. This only applies if the pensioner (or spouse) is determined to be a controller of the private trust or company.
Trustee has two meanings depending on the context, (i) and (ii).
(i) a person who looks after someone else's affairs
According to section 202 of the VEA [15], a trustee is a person appointed by the Commission to administer the financial affairs of a pensioner who may be incapable of managing their own affairs for reasons such as:
These criteria include circumstances where a pensioner has a psychiatric disorder or a mental illness as a result of alcohol or drug addiction.
A trustee can be appointed, with or without the consent of the pensioner and once appointed, a trustee has full control of the pension payment.
(ii) a person responsible for administration of a trust
According to section 52ZO of the VEA [15], trustee has the same meaning as in the Income Tax Assessment Act 1997 [16].
A protective trust is a trust established for a person who is unable to manage their own affairs.
If the trust is a fixed trust established before 9 May 2000, attribution should be determined according to an assessment of the trust assets or income, or both, under provisions outlined in the trust deed.
However, if after 9 May 2000:
the delegate may determine attribution among the attributable stakeholders [4] of the trust as if the trust was established after that date, if the delegate considers it appropriate in the circumstances.
More ? [34]
If the trust is a discretionary trust [4] established before 9 May 2000 and is administered for the exclusive benefit of a person (or persons) who are unable to manage their own financial affairs, attribution should be made to the primary beneficiary of the trust, that is, to the person (or persons) unable to manage their own affairs.
If a trust is administered for the exclusive benefit of a person (or persons) who are unable to manage their own financial affairs, and the person who is the source of the majority of the assets or income, or both, of the trust (or an associate [4] of that person) retains control [4] of the trust, the assets or income, or both, of the trust would generally be attributed to that person (or members of a couple) who is the source of the funds. For example, a trust set up for a minor where the parents are the source of the funds and the parents retain full control of the assets and income of the trust.
In the absence of a source, where assets were transferred to a fixed or discretionary trust for the exclusive benefit of a person unable to manage their own financial affairs, the trust assets will generally be attributed to the primary beneficiary of the trust, that is, to the person (or persons) unable to manage their own affairs.
Sally received severe brain injuries as a result of a motor vehicle accident. Sally received a large compensation settlement, which was placed in a trust.
Sally's mother, Alice, aged 70, looks after Sally. Because Sally is unable to manage her own financial affairs, Alice has official control over the money in the trust. Alice conscientiously administers the fund and all trust income is used for Sally's benefit.
Alice is concerned about the effect of the Trust and Company rules on her income support pension. She can't afford to lose her pension, as it is her sole source of income. Alice visits her local VAN office. She is relieved to learn that she will not be attributed because the trust funds originated for, and are used for, Sally's benefit.
If a person gains an incidental benefit from managing the affairs of a person who is unable to handle their own affairs, no attribution of assets [4] and/or income of the trust will be made to that person. This might include for example, private use of a vehicle that is used to transport the person who is unable to manage their own affairs would be classed as an incidental benefit.
An incidental benefit does not include fees and wages paid to the stakeholder.
According to section 52ZZJ of the VEA [15], a person is an attributable stakeholder if a company or trust is a controlled private company or trust in relation to the individual unless the Commission determines otherwise.
A discretionary trust is a private trust set up by an individual or individuals either to:
In virtually all cases the trust deed gives absolute discretion to the trustee to distribute both income and capital among the beneficiaries as he or she sees fit.
An associate of an individual for the purposes of private trusts and private companies has the meaning given by section 52ZQ of the VEA [15].
Control includes control as a result of, or by means of, trusts, agreements, arrangements, understandings and practices, whether or not having legal or equitable force and whether or not based on legal or equitable rights.
According to section 52ZR of the VEA [21], if at a particular time on or after 1 January 2002:
there is to be included in the value of the individual's assets an amount equal to the individual's asset attribution percentage of the value of the asset owned by the trust or company.
A constructive trust arises where an individual can establish that in spite of being the legal owner of an asset, that they only hold this asset on behalf of someone else. Constructive trusts are not common and in most cases a legal opinion will need to be sought to confirm the existence of such a trust. A constructive trust is imposed on a person by a court whenever the court considers that it would be unconscionable to deny another person's claimed interest in that property. As a constructive trust is always determined by a court, the terms of the court order need to be examined to determine the interests in the property of the parties.
The private trusts control test [4] and source test [4] (where applicable) are to be applied to constructive trusts. This is irrespective of when the constructive trust was created.
An implied trust (and a resulting trust) arises where an individual can establish that in spite of being the legal owner of an asset, that they only hold this asset on behalf of someone else. These mainly relate to situations where a person has purchased property in the name of another person. Implied trusts are not common and in most cases a legal opinion will need to be sought to confirm the existence of such a trust. The private trusts control test [4] and source test [4] (where applicable) are to be applied to implied trusts. This is irrespective of when the implied trust was created. Special care should be taken to ensure that the implied trust is not a testamentary trust [4] or a protective trust.
More ? [37]
There are two control tests, one is in relation to private trusts and the other one is in relation to private companies.
Control test (private companies)
An individual passes the control test in relation to a company if:
Control test (private trusts)
According to section 52ZZH(2) of the VEA, an individual passes the control test in relation to a trust if:
An individual passes the source test in relation to a trust or company if:
There are two control tests, one is in relation to private trusts and the other one is in relation to private companies.
Control test (private companies)
An individual passes the control test in relation to a company if:
Control test (private trusts)
According to section 52ZZH(2) of the VEA, an individual passes the control test in relation to a trust if:
An individual passes the source test in relation to a trust or company if:
A trust created by a will (testament) which usually takes effect upon the death of the writer of the will.
Specified classes of trusts that are excluded from the attribution process in Part IIIB, Division 11A of the VEA [2] are:
A community trust is a trust that has the sole or dominant purpose of receiving, managing and distributing:
A court-ordered trust that is an excluded trust [4] if it is a trust created by an order of a court that:
For example, a statutory trust set up by the court to administer a compensation settlement for a person unable to manage their own affairs.
More ? [42]
An indigenous trust is a trust that has the sole or dominant purpose of receiving, managing and distributing:
Examples of an indigenous trust would include payments under the Community Development Employment Projects Scheme or grants under the Aboriginal and Torres Strait Islander Commission Act 1989.
Trusts that are not excluded from the rules relating to private trusts are:
If the trust is not one that is specifically excluded, then the rules in relation to attribution are to apply.
Legislation Library - Commission Determinations
Means Test Treatment of Private Trusts – Excluded Trusts – Declaration 2001 [2]
An entity means any of the following:
an individual,
a company,
a trust,
a business partnership,
a corporation sole,
a body politic.
An excluded trust is a trust declared in writing by Commission to be excluded from the private trust and company provisions.
A trust created by a will (testament) which usually takes effect upon the death of the writer of the will.
The following describes the assessment of income for court-ordered (statutory) trusts.
Court-ordered (statutory) trusts were not generally assessable under the trusts and companies rules until lthe Disallowable Instrument was remade on 18 May 2005.
From this date the private trusts and companies rules apply to court-ordered (statutory) trusts.
Veterans Entitlements (Means Test Treatment of Private Trusts - Excluded Trusts) Declaration 2015 [49].
If money is held by a public trustee or similar body... | Then the interest... |
on behalf of an individual | generated by its investment is the person's income. This is regardless of whether individual investment accounts are maintained or whether the property is held in a 'common fund'. |
and no specific amount is held for the benefit of an individual For example, the property is held in common for the person and their children | any interest credited to the investment account is not assessed as the person's income. Income is assessed only when distributed or allocated to them. VEA ? [50]
|
One-off payments made from the capital funds held by the trust are not taken into account as income. For example, distributions to enable modifications to be made to the person's home to assist with their disability.
The following table describes the assessment of assets from court-ordered (statutory) trusts.
If money is held by a public trustee or similar body... | Then the... |
on behalf of an individual | full value of that money is assessable as the person's asset. This is regardless of whether individual investment accounts are maintained or whether the property is held in a 'common fund'. |
and a payment is made to an individual out of the money held by the statutory trust and NO specific amount is held for the benefit of an individual. For example, the property is held in common for the individual and their children. | The amount held is not an assessable asset of the person. |
Distribution of capital funds – asset assessment
One-off payments made from the capital funds held by the trust are the person's property and are assessed as an asset [4]. Any amount that is assessed as the assets held by the trust must be reduced by the amount of the payment. Payments could include distributions to enable modifications to be made to the person's home to assist with their disability.
Payments to minors may be held on their behalf in a court-ordered (statutory) trust.
Payments could include:
Money held in a court-ordered trust on behalf of a minor is the property of the minor, and interest credited to the account is their income.
More ? [51]
An asset means any property, including property outside Australia.
Links
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[5] https://clik.dva.gov.au/book/export/html/16390#tgt-cspol_part10_ftn442
[6] https://clik.dva.gov.au/book/export/html/16390#tgt-cspol_part10_ftn443
[7] https://clik.dva.gov.au/book/export/html/16390#tgt-cspol_part10_ftn444
[8] https://clik.dva.gov.au/compensation-and-support-policy-library/part-10-types-income-and-assets/103-business-structures-and-trusts/1036-attribution-guidelines-private-trusts-private-companies-01012002/controlled-private-trust
[9] https://clik.dva.gov.au/book/export/html/16390#ref-cspol_part10_ftn442
[10] https://clik.dva.gov.au/compensation-and-support-policy-library/part-10-types-income-and-assets/103-business-structures-and-trusts/1036-attribution-guidelines-private-trusts-private-companies-01012002/source-test
[11] https://clik.dva.gov.au/compensation-and-support-policy-library/part-10-types-income-and-assets/103-business-structures-and-trusts/1037-attribution-percentage-derivation-and-attribution-period-01012002/attribution-percentage
[12] https://clik.dva.gov.au/book/export/html/16390#ref-cspol_part10_ftn443
[13] https://clik.dva.gov.au/service-eligibility-assistant-updates/all-determinations-order-date-signed-oldest-most-recent/determinations-under-vea
[14] https://clik.dva.gov.au/book/export/html/16390#ref-cspol_part10_ftn444
[15] http://clik.dva.gov.au/legislation-library
[16] http://www.comlaw.gov.au/comlaw/management.nsf/lookupindexpagesbyid/IP200401745?OpenDocument
[17] https://clik.dva.gov.au/user/login?destination=node/16438%23comment-form
[18] https://clik.dva.gov.au/book/export/html/16390#tgt-cspol_part10_ftn445
[19] https://clik.dva.gov.au/book/export/html/16390#ref-cspol_part10_ftn445
[20] http://clik/health-procedure-library/health-information-and-management-notes-himn/vhc/072014-vhc-veterans-home-care
[21] http://www.comlaw.gov.au/Series/C2004A03268
[22] https://clik.dva.gov.au/user/login?destination=node/16481%23comment-form
[23] https://clik.dva.gov.au/book/export/html/16390#tgt-cspol_part10_ftn446
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[25] https://clik.dva.gov.au/book/export/html/16390#tgt-cspol_part10_ftn448
[26] https://clik.dva.gov.au/book/export/html/16390#tgt-cspol_part10_ftn449
[27] https://clik.dva.gov.au/compensation-and-support-policy-library/part-10-types-income-and-assets/103-business-structures-and-trusts/1038-other-trust-matters-01012002/testamentary-trust
[28] https://clik.dva.gov.au/compensation-and-support-policy-library/part-10-types-income-and-assets/102-assets/1023-disregarded-assets
[29] https://clik.dva.gov.au/book/export/html/16390#ref-cspol_part10_ftn446
[30] https://clik.dva.gov.au/book/export/html/16390#ref-cspol_part10_ftn447
[31] https://clik.dva.gov.au/book/export/html/16390#ref-cspol_part10_ftn448
[32] https://clik.dva.gov.au/book/export/html/16390#ref-cspol_part10_ftn449
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[34] https://clik.dva.gov.au/book/export/html/16390#tgt-cspol_part10_ftn450
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[37] https://clik.dva.gov.au/book/export/html/16390#tgt-cspol_part10_ftn451
[38] https://clik.dva.gov.au/compensation-and-support-policy-library/part-10-types-income-and-assets/103-business-structures-and-trusts/1038-other-trust-matters-01012002/protective-trust
[39] https://clik.dva.gov.au/book/export/html/16390#ref-cspol_part10_ftn451
[40] https://clik.dva.gov.au/user/login?destination=node/16441%23comment-form
[41] https://clik.dva.gov.au/book/export/html/16390#tgt-cspol_part10_ftn452
[42] https://clik.dva.gov.au/book/export/html/16390#tgt-cspol_part10_ftn453
[43] https://clik.dva.gov.au/book/export/html/16390#tgt-cspol_part10_ftn454
[44] https://clik.dva.gov.au/book/export/html/16390#ref-cspol_part10_ftn452
[45] https://clik.dva.gov.au/compensation-and-support-policy-library/part-10-types-income-and-assets/103-business-structures-and-trusts/1038-other-trust-matters-01012002
[46] https://clik.dva.gov.au/book/export/html/16390#ref-cspol_part10_ftn453
[47] https://clik.dva.gov.au/book/export/html/16390#ref-cspol_part10_ftn454
[48] https://clik.dva.gov.au/user/login?destination=node/16355%23comment-form
[49] https://www.legislation.gov.au/Details/F2015L01246
[50] https://clik.dva.gov.au/book/export/html/16390#tgt-cspol_part10_ftn455
[51] https://clik.dva.gov.au/book/export/html/16390#tgt-cspol_part10_ftn456
[52] https://clik.dva.gov.au/book/export/html/16390#ref-cspol_part10_ftn455
[53] https://clik.dva.gov.au/compensation-and-support-policy-library/part-10-types-income-and-assets/103-business-structures-and-trusts/1038-other-trust-matters-01012002/excluded-trust
[54] https://clik.dva.gov.au/book/export/html/16390#ref-cspol_part10_ftn456