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Does the trust have a vesting date, as I thought the legislation has recently been changed to allow trusts to go on indefinitely?

Yes - the trust effectively has a maximum life of 80 years. This is because most States and Territories require trusts to vest (or wind up) after a maximum of 80 years. This is called the rule against perpetuities, and basically exists so that a person cannot tie up assets forever in a trust.

The rule against perpetuities was abrogated in South Australia a number of years ago (and even in that State any beneficiary can apply to have the trust wound up after 80 years), but every other State has retained the rule.

Therefore, our deed does require the trust to vest within or at the end of 80 years (the trustee has discretion to vest it earlier than 80 years).