Victorian Numbered Acts

STATE TAXATION ACTS FURTHER AMENDMENT ACT 2017 (NO. 67 OF 2017) - SECT 18

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

    "(b)     the trustee of the scheme is to be assessed for land tax on the whole of the land subject to the scheme—

              (i)     if the scheme is not in a chain of trusts or is an ultimate trust, at the applicable rate set out in Part 4 of Schedule 1, as if the land were the only land owned by the trustee; or

              (ii)     if the scheme is in a chain of trusts and is not an ultimate trust, an amount 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 1 of Schedule 1 on the whole of the land subject to the scheme (as if that land were the only land owned by the trustee);

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

    D     is the taxable value of all land subject to the scheme.".

    (2)     In the formula in section 46IC(3)(b) of the Land Tax Act 2005 , for the variable "C" substitute —

    "C     is—

        (a)     if the unit trust scheme is not in a chain of trusts or is an ultimate trust, the taxable value of all land subject to the scheme owned by a unitholder who is an 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.".