Victorian Numbered Acts Victorian Numbered Acts(1) in section 3(1) of the Land Tax Act 2005 —
(a) insert the following definitions—
' "beneficiary" of a discretionary trust, means a person, or a member of a class of persons, in whom, by the terms of the trust, the whole or any part of the trust property may be vested—
(a) in the event of the exercise of a power or discretion in favour of the person (whether or not that power is presently exercisable); or
(b) in the event that a discretion conferred under the trust is not exercised;
"child maintenance land" means land held on trust that was transferred to the trustee for the benefit of a beneficiary as the result of a family breakdown within the meaning of section 102AGA of the Income Tax Assessment Act 1936 of the Commonwealth;
"Commonwealth Superannuation Act" means the Superannuation Industry (Supervision) Act 1993 of the Commonwealth;
"concessional trust" means—
(a) a trust of which each beneficiary is—
(i) a person in respect of whom a guardianship order or an administration order is in force under the Guardianship and Administration Act 1986 ; or
(ii) a person with a disability within the meaning of the Disability Services Act 1991 ; or
(b) a trust created under an order of the Supreme Court for the benefit of a person under disability;
"discretionary trust" means a trust under which the vesting of the whole or any part of the trust property—
(a) is required to be determined by a person either in respect of the identity of the beneficiaries or the quantum of interest to be taken, or both; or
(b) will occur in the event that a discretion conferred under the trust is not exercised—
but does not include an excluded trust, a fixed trust or a trust to which a unit trust scheme relates;
"excluded trust" means—
(a) a charitable trust;
(b) a concessional trust;
(c) a public unit trust scheme;
(d) a wholesale unit trust scheme;
(e) a trust the sole beneficiary or beneficiaries of which is or are—
(i) a club referred to in section 73; or
(ii) the members of such a club;
(f) a trust established by a will, but only during the period ending on the later of—
(i) the 3rd anniversary of the testator's death or the further period approved by the Commissioner under sub-section (3); or
(ii) if, at the testator's death, all the potential beneficiaries are minors—the 18th birthday of the first beneficiary to turn 18;
(g) a trust, for any tax year in relation to which it is a superannuation trust;
"fixed trust" means a trust that is not an excluded trust, a discretionary trust or a trust to which a unit trust scheme relates;
"listed trust" has the same meaning as in the Duties Act 2000 ;
"nominated beneficiary" of a discretionary trust, means a person nominated under section 46F;
"nominated PPR beneficiary" means a person nominated under section 46H;
"pre-2006 land" , in relation to a trust, means land that was subject to that trust at midnight on 31 December 2005;
"post-2006 land" , in relation to a trust, means land that became subject to that trust on or after 1 January 2006;
"public unit trust scheme" means—
(a) a listed trust; or
(b) a widely held trust; or
(c) a registered imminent public unit trust scheme or registered declared public unit trust scheme (within the meaning of the Duties Act 2000 );
"superannuation trust" means, in relation to a tax year—
(a) a trust established on or before 30 June in the year preceding the tax year that, in relation to the year of income ending in that year, is—
(i) a complying superannuation fund (within the meaning of section 42 or 42A of the Commonwealth Superannuation Act); or
(ii) a complying approved deposit fund (within the meaning of section 43 of the Commonwealth Superannuation Act); or
(iii) a pooled superannuation trust (within the meaning of section 44 of the Commonwealth Superannuation Act); or
(b) a trust established after 30 June in the year preceding the tax year that, as at midnight on 31 December in that year, is—
(i) a regulated superannuation fund (within the meaning of the Commonwealth Superannuation Act) or is taken to be a regulated superannuation fund under that Act; or
(ii) an approved deposit fund (within the meaning of the Commonwealth Superannuation Act); or
(iii) a pooled superannuation trust (within the meaning of the Commonwealth Superannuation Act);
"trust" does not include an implied or a constructive trust;
"unit" in a unit trust scheme, means—
(a) a right or interest (whether described as a unit or a sub-unit or otherwise) of a beneficiary under the scheme; or
(b) a right to any such right or interest—
that entitles the beneficiary to participate proportionately with other unitholders in a distribution of the property of the trust on its vesting;
"unit trust scheme" means an arrangement made for the purpose, or having the effect, of providing facilities for participation by a person, as a beneficiary under a trust, in any profit or income arising from the acquisition, holding, management or disposal of property under the trust, but does not include an excluded trust;
"wholesale unit trust scheme" means a unit trust scheme that is registered under Division 7 of Part 2 of Chapter 3 of the Duties Act 2000 as a wholesale unit trust scheme, an imminent wholesale unit trust scheme or a declared wholesale unit trust scheme;
"widely held trust" has the same meaning as that term would have in the Duties Act 2000 if a reference in paragraph (b) of the definition of "widely held trust" in section 3(1) of that Act to "300 registered unitholders" were a reference to "50 registered unitholders";';
(b) in the definition of "trustee" omit "express or implied".
(2) After section 3(2) of the Land Tax Act 2005 insert —
"(3) For the purposes of paragraph (f)(i) of the definition of " excluded trust" in sub-section (1), the Commissioner may approve a further period in any particular case.".