Ph: (07) 3229 8311
Fax: (07) 3221 9982
(Must not be a person associated with the Trust/Must be over 18 years of age)
(If Company Name, please provide A.C.N.)
In our Standard deed beneficiaries are divided into three categories being classified as Primary, Secondary and Tertiary. Primary and
secondary beneficiaries are designated as specific persons at the time of creation of the trust and the tertiary are “dragnet” beneficiaries who are designated by a
relationship genus or description to the Primary and secondary beneficiaries.
Both of our nominated beneficiary classes are capable of receiving income and capital both during the course of the trust however they will only receive capital on
a winding up successively in the order of class stipulated. i.e primary first and successively when the primary are exhausted.
There are no default beneficiaries as to Capital. This is upon the basis that the Trustee would have to exercise their discretion as part of the winding up process
and final distribution and thus “default” beneficiaries are not considered necessary.
There are no default beneficiaries as to income. If discretion is not exercised the trustee merely accumulates.This obviously has a tax consequence.
The tertiary beneficiaries are :
The spouse (for the time being and from time to time), the grand-parents, natural parents, brothers, sisters, children and grandchildren of the persons named as primary and/or secondary beneficiaries and (without limiting the generality of the foregoing to include a person lawfully adopted by any such person);
Any company, corporation, society, club or association whether incorporated or not or which either of the primary or secondary beneficiaries hereof is or
are a director, shareholder or member howsoever from time to time; and
The Trustee of any Trust of which any of the abovementioned primary or secondary or tertiary beneficiaries are beneficiaries or the objects of
such Trustees power of appointment under the terms of the instrument constituting such Trust.
Any Deductible Gift Recipients as defined in the Income Tax Assessment Act 1997
Any entity whose ordinary and/or statutory income is exempt pursuant to Div 50 of the
income tax assessment act 1997
(Usually from the FIFTH SCHEDULE You must choose at least 1 Appointor)