LAND TAX ACT 2005 - SECT 46H Nomination of PPR beneficiary of unit trust scheme or discretionary trust for land tax purposes

LAND TAX ACT 2005 - SECT 46H

    (1)     The trustee of a unit trust scheme or discretionary trust may nominate a person to be the nominated PPR beneficiary of the scheme or trust for the purposes of this Act.

    (2)     The person nominated must be a natural person who is a unitholder in the scheme or a beneficiary of the trust.

    (3)     A nomination under subsection (1) must be lodged with the Commissioner in the form, and containing the information, determined by the Commissioner.

    (4)     A nomination lodged in accordance with subsection (3)—

S. 46H(4)(a) amended by No. 68/2007 s. 14(1), substituted by No. 40/2014 s. 20(1).

        (a)     takes effect for the tax year in which the nomination is lodged; and

S. 46H(4)(b) substituted by No. 68/2007 s. 14(2).

        (b)     remains in force until whichever of the following occurs first—

              (i)     the nominated PPR beneficiary dies; or

              (ii)     the nominated PPR beneficiary ceases to use and occupy the land as his or her principal place of residence.

S. 46H(5) substituted by No. 68/2007 s. 14(3).

    (5)     The trustee of the scheme or trust may nominate a natural person who is a unitholder in the scheme or a beneficiary of the trust as the nominated PPR beneficiary if—

        (a)     the nominated PPR beneficiary dies; or

        (b)     the nominated PPR beneficiary ceases to use and occupy the land as his or her principal place of residence and the Commissioner considers that the nomination of a PPR beneficiary under this subsection is just and reasonable in the particular case.

    (6)     A nomination lodged under subsection (5)—

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

S. 46H(6)(b) substituted by No. 68/2007 s. 14(4)(a), amended by No. 40/2014 s. 20(2).

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

S. 46H(6)(c) substituted by No. 68/2007 s. 14(4)(b).

        (c)     remains in force until whichever of the following occurs first—

              (i)     the nominated PPR beneficiary dies; or

              (ii)     the nominated PPR beneficiary ceases to use and occupy the land as his or her principal place of residence.

    (7)     A nomination may be lodged under subsection (5) on more than one occasion.

    (8)     This section does not apply to a unit trust scheme if a notice is in force for the scheme under section 46C.

S. 46I inserted by No. 85/2005 s. 27.