Variation of Trusts Regulations 2024


Tasmanian Crest
Variation of Trusts Regulations 2024

I, the Governor in and over the State of Tasmania and its Dependencies in the Commonwealth of Australia, acting with the advice of the Executive Council, make the following regulations under the Variation of Trusts Act 1994 .

2 December 2024

B. BAKER

Governor

By Her Excellency's Command,

GUY BARNETT

Minister for Justice

1.   Short title

These regulations may be cited as the Variation of Trusts Regulations 2024 .

2.   Commencement

These regulations take effect on 10 December 2024.

3.   Interpretation

In these regulations –
Act means the Variation of Trusts Act 1994 .

4.   Variation of charitable trusts by Attorney-General

For the purposes of section 7(1) of the Act, the prescribed amount in relation to any trust property is $500,000, whether that property consists of, or includes, real property or personal property.

5.   Application for approval of scheme to vary charitable trust

(1)  An application for the approval of a scheme under section 7(2)(b) of the Act is to –
(a) state the terms and conditions of the trust to which it relates; and
(b) state the facts and circumstances specified in section 5 of the Act which would justify variation of the purposes of the trust; and
(c) state –
(i) the name and address of the trustees of the trust property at the time at which the application is made; and
(ii) the full details of the trust property, including its location, at the time at which the application is made.
(2)  An application referred to in subregulation (1) is to –
(a) be accompanied by copies of the document creating the trust and of any variation to the trust, unless those documents are unavailable; and
(b) if the application is based on failure of the original purposes of the trust, be endorsed with a consent to the variation by any person who has, or may acquire, a claim to any of the trust property; and
(c) be accompanied by a draft scheme for the purposes of Part 2 of the Act; and
(d) be accompanied by evidence, satisfactory to the Attorney-General, of the value of each item of the trust property.

6.   Register

The register kept under section 9 of the Act is to be made available for inspection during the normal office hours of the Registry of the Court.

Displayed and numbered in accordance with the Rules Publication Act 1953.

Notified in the Gazette on 10 December 2024

These regulations are administered in the Department of Justice.