Victorian Consolidated Legislation

Land Tax Act 2005 - SECT 46K

Requirements for trustees to notify Commissioner

46K. Requirements for trustees to notify Commissioner



(1) A person who becomes trustee of land in Victoria, including a person who
is already a trustee of land and acquires further land as trustee, must lodge
a written notice with the Commissioner within one month after becoming
trustee.

(2) A trustee who disposes of any land that is subject to the trust must lodge
a written notice with the Commissioner within one month after disposing of the
land.

(3) If-

   (a)  a person is trustee of land in Victoria; and







   (b)  anything happens that results in the trust to which the land is
        subject becoming a different category of trust-

the person must lodge a written notice with the Commissioner within one month
after the thing happens. Example If a trust deed is varied so that a
discretionary trust becomes an excluded trust, the trustee must notify the
Commissioner within one month. Under subsection (6) the Commissioner could,
for example, require the trustee to include information about the variation of
the trust deed (including a copy of the deed and variation) and any other
information necessary to prove that the trust has become an excluded trust.

(4) A trustee of a fixed trust in respect of which a notice is in force under
section 46B must lodge a written notice with the Commissioner within one month
after any change to the beneficial interests in land subject to the trust.

(5) A trustee of a unit trust scheme in respect of which a notice is in force
under section 46C must lodge a written notice with the Commissioner within one
month after any change to the unitholdings in the scheme.

(5A) A person who was a personal representative of a deceased estate that
includes land in Victoria must lodge a written notice with the Commissioner
within one month after the administration of that estate is completed.

(6) A notice under this section must be in the form, contain the information
and be accompanied by any documents or other evidence determined by the
Commissioner.

(7) A notice under this section is in addition to any notice that the person
is required to give under section 103.

(8) In this section-

category of trust means-

   (a)  a fixed trust;

   (b)  a unit trust scheme;

   (c)  a discretionary trust;

   (d)  an excluded trust.

Division 3-Grouping of related corporations