INCOME TAX ASSESSMENT ACT 1936 - SECT 101 Discretionary trusts
INCOME TAX ASSESSMENT ACT 1936 - SECT 101
Discretionary trusts For the purposes of this Act, where a trustee has a discretion
to pay or apply income of a trust estate to or for the benefit of specified
beneficiaries, a beneficiary in whose favour the trustee exercises the
trustee's discretion shall be deemed to be presently entitled to the
amount paid to the beneficiary or applied for the beneficiary's benefit by
the trustee in the exercise of that discretion.