S 50-80 repealed by No 169 of 2012, s 3 and Sch 2 item 34, effective 3 December 2012. S 50-80 formerly read:
SECTION 50-80 Testamentary trusts may be treated as 2 trusts
50-80(1)
If:
(a)
a trust (the
existing trust
) covered by item 1.5 was in existence immediately before 1 July 1997; and
(b)
on or after 1 July 1997 one or more assets are given to the existing trust (other than in return for valuable consideration) or become part of the trust property under a will;
then, for the purposes of this Subdivision and Subdivision
50-B
, the existing trust is taken to be 2 separate trusts (the
new trust
and the
old trust
) as follows:
(c)
the new trust is taken to be a trust created after the start of 1 July 1997 that consists of so much of the trust property as consists of those assets together with any income *derived from those assets; and
(d)
the old trust is taken to be a trust created before 1 July 1997 that consists of the remainder of the trust property.
History
S 50-80(1) amended by No 179 of 1999.
50-80(2)
Where an asset is received in substitution for another asset, subsection (1) applies as if the substituted asset were the other asset.
S 50-80 inserted by No 47 of 1998.
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