LAND TAX ACT 2005 - SECT 46K Requirements for trustees to notify Commissioner
LAND TAX ACT 2005 - SECT 46K
Requirements for trustees to notify CommissionerS. 46K(1) amended by No. 40/2014 s. 21(1).
(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 of the land.
(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.
S. 46K(5A) inserted by No. 68/2007 s. 16.
(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.
S. 46K(5B) inserted by No. 40/2014 s. 21(2).
(5B) If a nomination lodged under section 46H is in force and the nominated PPR beneficiary for the land ceases to use and occupy the land as his or her principal place of residence, the trustee of the land must lodge a written notice with the Commissioner within one month of that beneficiary ceasing to use or occupy the land as his or her principal place of residence.
(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.
Pt 3 Div. 2B (Heading and ss 46L, 46M) inserted by No. 83/2009 s. 5.
Division 2B—Land held on implied or constructive trust
S. 46L inserted by No. 83/2009 s. 5.