Closely-held trust

A type of trust where an individual or up to 20 individuals between them hold (directly or indirectly for their own benefit) a fixed entitlement to at least 75% of its income or capital. Discretionary trusts are also regarded as closely-held trusts. Significantly, closely-held trusts may be included in the in-house asset limit applying to superannuation funds. (See Widely-held Trust. See In-house Asset Limit).
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