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LAND TAX ACT 2005 - SECT 46F Nomination of beneficiary of pre-2006 discretionary trust for land tax purposes

LAND TAX ACT 2005 - SECT 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

S. 46F(5)(a)(ii) substituted by No. 68/2007 s. 13(1).

              (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

S. 46F(8)(b) substituted by No. 68/2007 s. 13(2), amended by No. 40/2014 s. 19.

        (b)     takes effect for the tax year following the tax year in 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.

S. 46G inserted by No. 85/2005 s. 27.