81 Constructive ownership of landholdings—linked bodies
(1) For this part, an entity is taken to hold an interest in land held by a linked body of the entity (a deemed interest ) if, on the winding-up of all linked bodies of the entity—
(a) the entity would be entitled to a distribution of any of the property held by any of the linked bodies; and
(b) either or both of the following apply:
(i) any linked body would be entitled to receive at least 50% of the unencumbered value of all the property held by any other linked body;
(ii) if the unencumbered value of all the property held by each linked body were aggregated, the entity would be entitled to receive at least 50% of the aggregated unencumbered value.
(2) An entity's deemed interest in land is in addition to any interest in land that the entity holds in its own right.
(3) In working out duty payable under this part, the value of an entity's deemed interest in land held by a linked body is the portion of the unencumbered value of the property held by the linked body to which the entity would be entitled to receive on the winding-up of all linked bodies of the entity.
(4) In working out the value of property held by a body that an entity or linked body is entitled to receive, any liabilities of the first body must be disregarded.
(5) In this section:
(i) an entity; and
(ii) a partnership; and
(iii) a trust; but
(b) does not include—
(i) a discretionary trust; or
(ii) an individual; or
(iii) a listed company; or
(iv) a public unit trust scheme.
"entitled"—an entity or linked body that is a trust or partnership is taken to be entitled to receive property if—
(a) for a trust—a trustee of the trust is entitled to receive the property as a trustee; and
(b) for a partnership—a partner in the partnership is entitled to receive the property as a partner.
"linked"—a body is linked to another body if, on the winding-up of the first body, the other body would be entitled to receive the first body's property (disregarding any liabilities of the first body).
"linked body", of an entity, means a body which is part of a chain of bodies—
(a) that includes the entity; and
(b) in which each body is linked to the next body in the chain.
"winding-up", of a linked body, means—
(a) any process in which any property held by the body is distributed; and
(b) if the linked body is a trust—the vesting of the trust's property in its beneficiaries.
Note For working out the entitlement of a person to participate in a distribution of the property of a landholder, see s 92 (Maximisation of entitlements on distribution of property).