Fixed Unit Trust
A fixed unit trust is a type of trust where units are issued to the beneficiaries to represent their interest in the trust. The definition of a fixed trust for taxation purposes remains uncertain following the Colonial decision in 2011, which concluded that the meaning of a fixed trust is narrower than commonly thought by taxpayers and their advisers. However, generally the test for qualifying as a fixed trust turns on whether the beneficiaries have a vested and indefeasible interest in the trust property. This vested and indefeasible interest must be ascertained from the terms of the Trust Deed.