3B   Concessional trust—meaning

(1)  For the purposes of this Act, a trust is a concessional trust if:

(a)  the trust property includes land, and

(b)  each person who is a beneficiary of the trust is:

(i)  a person under the age of 18 years, or

(ii)  a person in respect of whom a guardianship order is in force under the Guardianship Act 1987, or

(iii)  a person in the target group within the meaning of the Disability Services Act 1993.

(2)  For the purposes of this section, a person is a beneficiary of a trust if the person is a person, or a member of a class of persons:

(a)  in whose favour, by the terms of the trust, capital or income the subject of the trust may be applied:

(i)  in the event of the exercise of a power or discretion in favour of the person, or

(ii)  in the event that a discretion conferred under the trust is not exercised, or

(b)  entitled or permitted, under the terms of the trust, to use and occupy land that is the subject of the trust.

(3)  For the purposes of this Act:

(a)  a special disability trust (within the meaning of section 1209L of the Social Security Act 1991 of the Commonwealth or section 52ZZZW of the Veterans’ Entitlements Act 1986 of the Commonwealth) is taken to be a concessional trust, and

(b)  the principal beneficiary of the special disability trust, as referred to in section 1209M of the Social Security Act 1991 of the Commonwealth or section 52ZZZWA of the Veterans’ Entitlements Act 1986 of the Commonwealth, is taken to be a beneficiary of the trust.