s. 3 means— concessional trust S. 3(1) def. of concessional (a) a trust of which each beneficiary is— trust inserted by (i) a person in respect of whom a No. 85/2005 s. 22(1)(a), guardianship order or an amended by administration order is in force No. 23/2006 s. 245. under the Guardianship and Administration Act 1986; or (ii) a person with a disability within the meaning of the Disability Act 2006; or (b) a trust created under an order of the Supreme Court for the benefit of a person under disability; has the meaning given in controlling interest section 48; has the same meaning as in section 9 corporation of the Corporations Act; means a trust under which the discretionary trust S. 3(1) def. of discretionary vesting of the whole or any part of the trust trust property— inserted by No. 85/2005 s. 22(1)(a), (a) is required to be determined by a amended by person either in respect of the identity No. 76/2012 s. 3. of the beneficiaries or the quantum of interest to be taken, or both; or (b) will occur in the event that a discretion conferred under the trust is not exercised— but does not include an excluded trust;
S. 3(1) def. of concessional trust inserted by No. 85/2005 s. 22(1)(a), amended by No. 23/2006 s. 245. concessional trust means— (a) a trust of which each beneficiary is— (i) a person in respect of whom a guardianship order or an administration order is in force under the Guardianship and Administration Act 1986; or (ii) a person with a disability within the meaning of the Disability Act 2006; or (b) a trust created under an order of the Supreme Court for the benefit of a person under disability; controlling interest has the meaning given in section 48; corporation has the same meaning as in section 9 of the Corporations Act; S. 3(1) def. of discretionary trust inserted by No. 85/2005 s. 22(1)(a), amended by No. 76/2012 s. 3. discretionary trust means a trust under which the vesting of the whole or any part of the trust property— (a) is required to be determined by a person either in respect of the identity of the beneficiaries or the quantum of interest to be taken, or both; or (b) will occur in the event that a discretion conferred under the trust is not exercised— s. 3 but does not include an excluded trust;