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.