Victorian Consolidated Legislation

Land Tax Act 2005 - SECT 46I

Land tax for PPR land if nominated PPR beneficiary

46I. Land tax for PPR land if nominated PPR beneficiary



(1) This section applies if the nomination of a nominated PPR beneficiary for
a unit trust scheme or discretionary trust is in force under section 46H.

(2) The trustee of the unit trust scheme or discretionary trust is to be
assessed for land tax on land subject to the scheme or trust that is used and
occupied as the principal place of residence of the nominated PPR beneficiary
as if the land were the only land owned by the trustee.

Note The rate of land tax for this assessment is the applicable rate set out
in Part 1 of Schedule 1.

(3) Subsection (2) applies only if the land has been used and occupied as the
principal place of residence of the nominated PPR beneficiary-

   (a)  since 1 July in the year preceding the tax year in which the
        nomination for that PPR beneficiary is lodged under section 46H; or

   (b)  if the trustee became owner of the land on or after 1 July in the year
        preceding the tax year in which the nomination for that PPR
        beneficiary is lodged under section 46H, since a later date during
        that year.