Victorian Consolidated Legislation

Land Tax Act 2005 - SECT 46F

Nomination of beneficiary of pre-2006 discretionary trust for land tax purposes

46F. Nomination of beneficiary of pre-2006 discretionary trust for land tax
purposes



(1) This section applies to a discretionary trust if the trust property
includes any pre-2006 land.

(2) The trustee of the trust may nominate a person to be the nominated
beneficiary of the trust for the purposes of this Act.





(3) The person nominated must be-

   (a)  a natural person who-

   (i)  is a beneficiary of the trust; and

   (ii) is of or over the age of 18 years on 31 December 2005; and

   (iii) signifies in writing his or her acceptance of the nomination; or

   (b)  the trustee, if all beneficiaries of the trust are under the age of 18
        years on 31 December 2005.

(4) A nomination under subsection (2) must-

   (a)  be in the form, and contain the information, determined by the
        Commissioner; and

   (b)  be lodged with the Commissioner on or before the later of-

   (i)  30 June 2006; or

   (ii) 3 months after the day on which a liability first arises for land tax
        on land subject to the trust.

(5) A nomination lodged in accordance with subsection (4)-

   (a)  takes effect-

   (i)  for the 2006 tax year if made on or before 30 June 2006; or

   (ii) in any other case, for the tax year in respect of which the nomination
        is lodged; and

   (b)  remains in force until-

   (i)  revoked by the nominated beneficiary in writing given to the
        Commissioner; or

   (ii) the nominated beneficiary dies.

(6) If the nominated beneficiary revokes the nomination, the trustee of the
trust may nominate as the nominated beneficiary-

   (a)  a natural person who-

   (i)  is a beneficiary of the trust; and

   (ii) is of or over the age of 18 years on the date of the nomination; and

   (iii) signifies in writing his or her acceptance of the nomination; or

   (b)  the trustee, if all beneficiaries of the trust are under the age of 18
        years on the date of the nomination-

if the Commissioner considers that the nomination of a beneficiary under this
subsection is just and reasonable in the particular case.

(7) If the nominated beneficiary dies, the trustee of the trust may nominate
as the nominated beneficiary-

   (a)  a natural person who-

   (i)  is a beneficiary of the trust; and

   (ii) is of or over the age of 18 years on the date of the nomination; and

   (iii) signifies in writing his or her acceptance of the nomination; or

   (b)  the trustee, if all beneficiaries of the trust are under the age of 18
        years on the date of the nomination.

(8) A nomination lodged under subsection (6) or (7)-

   (a)  must be in the form, and contain the information, determined by the
        Commissioner; and

   (b)  takes effect for the tax year in respect of which the nomination is
        lodged; and



   (c)  remains in force until-

   (i)  revoked by the nominated beneficiary in writing given to the
        Commissioner; or

   (ii) the nominated beneficiary dies.

(9) A nomination may be lodged under subsection (6) or (7) (as the case
requires) on more than one occasion.