LAND TAX ACT 2005 - SECT 46I Land tax for PPR land if nominated PPR beneficiary

LAND TAX ACT 2005 - SECT 46I

    (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.

S. 46I(2) amended by No. 68/2007 s. 15(1).

    (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.

S. 46I(2A) inserted by No. 47/2020 s. 45(1).

    (2A)     For the purposes of subsection (2), land is not taken to be occupied as a place of residence unless there is a building affixed to the land (including a home unit) that, in the Commissioner's opinion—

        (a)     is designed and constructed primarily for residential purposes; and

        (b)     may lawfully be used as a place of residence.

S. 46I(3) inserted by No. 68/2007 s. 15(2).

    (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.

S. 46I(4) inserted by No. 83/2009 s. 10, substituted by No. 47/2020 s. 45(2).

    (4)     Subsection (2) does not apply if—

        (a)     rent is paid by or on behalf of the nominated PPR beneficiary for use and occupation of the land in the year preceding the tax year; or

        (b)     the land contains a separate residence used to derive income from the land in the year preceding the tax year; or

        (c)     the land is used to carry on a substantial business activity in the year preceding the tax year.

S. 46I(5) inserted by No. 83/2009 s. 10.

    (5)     In determining whether land is used by a person to carry on a substantial business activity, account must be taken of the factors referred to in section 62(2).

Pt 3 Div. 2AB (Heading and ss 46IA –46AF) inserted by No. 26/2015 s. 32.

Division 2AB—Land held on trust under absentee trusts

S. 46IAA inserted by No. 67/2017 s. 15.