55  Treatment of trusts and superannuation funds that are trusts
(1)

This Act applies to a trust or a superannuation fund that is a trust as if it were an entity, but with the changes set out in this section.

Trusts or superannuation funds with a single trustee
(2)

If the trust or superannuation fund has a single trustee:

(a)

an obligation that would otherwise be imposed on the trust or superannuation fund by this Act is imposed on the trustee instead; and

(b)

an offence against this Act that would otherwise have been committed by the trust or superannuation fund is taken to have been committed by the trustee.

Trusts or superannuation funds with multiple trustees
(3)

If the trust or superannuation fund has 2 or more trustees:

(a)

an obligation that would otherwise be imposed on the trust or superannuation fund by this Act is imposed on each trustee instead, but may be discharged by any of the trustees; and

(b)

an offence against this Act that would otherwise have been committed by the trust or superannuation fund is taken to have been committed by each trustee of the trust or superannuation fund, at the time the offence was committed, who:

(i)

did the relevant act or made the relevant omission; or

(ii)

aided, abetted, counselled or procured the relevant act or omission; or

(iii)

was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the trustee).

Contraventions of civil penalty provisions
(4)

This section applies to a contravention of a civil penalty provision in a corresponding way to the way in which it applies to an offence.