Victorian Consolidated Legislation

Land Tax Act 2005 - SECT 46H

Nomination of PPR beneficiary of unit trust scheme or discretionary trust for land tax purposes

46H. Nomination of PPR beneficiary of unit trust scheme or discretionary trust
for land tax purposes



(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)-

   (a)  takes effect-

   (i)  for the 2006 tax year if it is lodged 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 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.

(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

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



   (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.