Victorian Numbered Acts

STATE TAXATION ACTS FURTHER AMENDMENT ACT 2017 (NO. 67 OF 2017) - SECT 16

    (1)     For section 46IA(1) of the Land Tax Act 2005 substitute —

    "(1)     A person who is the owner of land as a trustee of an absentee trust that is a fixed trust is liable for land tax determined using the formula—

where—

    A     is the amount of assessed land tax that is payable;

    B     is the amount determined by applying the applicable rate set out in Part 3 of Schedule 1;

    C     is—

        (a)     if the absentee trust is not in a chain of trusts or is an ultimate trust, the value of all land subject to the trust that would be taken under section 46IB to be owned by an absentee beneficiary if a notice were in force under section 46B in respect of the beneficial interests of that absentee beneficiary in that land; or

        (b)     if the absentee trust is in a chain of trusts and is not an ultimate trust, an amount determined by the formula—

where—

    D     is the absentee proportion of interests in all land subject to the trust;

    E     is the taxable value of all land subject to the trust.

    (1A)     A person who is the owner of land as a trustee of an absentee trust that is a unit trust scheme is liable for land tax determined using the formula—

where—

    A     is the amount of assessed land tax that is payable;

    B     is the amount determined by applying the applicable rate set out in Part 3 of Schedule 1;

    C     is—

        (a)     if the unit trust scheme is not in a chain of trusts or is an ultimate trust, the value of all land subject to the scheme that would be taken under section 46IC to be owned by an absentee beneficiary if a notice were in force under section 46C in respect of the unitholdings in the scheme held by that absentee beneficiary; or

        (b)     if the unit trust scheme is in a chain of trusts and is not an ultimate trust, an amount determined by the formula—

where—

    D     is the absentee proportion of interests in all land subject to the scheme;

    E     is the taxable value of all land subject to the scheme.

    (1B)     A person who is the owner of land as trustee of an absentee trust that is a discretionary trust is liable for land tax determined at the applicable rate set out in Part 5 of Schedule 1.".

    (2)     In section 46IA(2) of the Land Tax Act 2005 —

        (a)     in paragraph (a), for "subsection (1)(a)" substitute "subsections (1) and (1A)";

        (b)     for paragraph (b) substitute —

    "(b)     subsection (1B).".