Victorian Numbered Acts

STATE TAXATION ACTS FURTHER AMENDMENT ACT 2017 (NO. 67 OF 2017) - SECT 14

After section 3C of the Land Tax Act 2005 insert —

        " 3D     Meaning of chain of trusts

    (1)     For the purposes of this Act, a chain of trusts is 2 or more trusts where at least one of the following conditions is satisfied for each of the trusts—

        (a)     the trustee of the trust has a specified interest under another of the trusts;

        (b)     the trustee of another of the trusts has a specified interest under the trust.

    (2)     For the purposes of this section, a person has a specified interest under a trust if—

        (a)     in the case of a trust that is a fixed trust, the person has a beneficial interest under the trust; or

        (b)     in the case of a trust that is a unit trust scheme, the person is a unitholder in the scheme; or

        (c)     in the case of a trust that is a discretionary trust, the person is a specified beneficiary of the trust.

        3E     Meaning of ultimate trust

    (1)     For the purposes of this Act, an ultimate trust is a trust—

        (a)     in a chain of trusts; and

        (b)     under which no person who has a specified interest holds that interest as a trustee of a trust for another person.

    (2)     For the purposes of this section, a person has a specified interest under an ultimate trust if—

        (a)     in the case of a trust that is a fixed trust, the person has a beneficial interest under the trust; or

        (b)     in the case of a trust that is a unit trust scheme, the person is a unitholder in the scheme; or

        (c)     in the case of a trust that is a discretionary trust, the person is a specified beneficiary of the trust.".