Victorian Numbered Acts

STATE TAXATION ACTS FURTHER AMENDMENT ACT 2017 (NO. 67 OF 2017) - SECT 20

    (1)     In section 46IF(2) of the Land Tax Act 2005 , for "the unit trust scheme" substitute "a unit trust scheme (other than a scheme that is in a chain of trusts)".

    (2)     After section 46IF(2) of the Land Tax Act 2005 insert —

    "(2A)     The trustee of a unit trust scheme that is in a chain of trusts is to be assessed for land tax on land subject to the scheme—

        (a)     if that land is used and occupied as the principal place of residence of the nominated PPR beneficiary—

              (i)     as if the land were the only land owned by the trustee; and

              (ii)     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 the land subject to the scheme;

    D     is the taxable value of all land subject to the scheme; or

        (b)     if that land is not used and occupied as the principal place of residence of the nominated PPR beneficiary, 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 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 the land subject to the scheme;

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

    (3)     In section 46IF(3) of the Land Tax Act 2005 , after "Subsection (2)(a)" insert "or (2A)(a)".

    (4)     In section 46IF(4) of the Land Tax Act 2005 , after "Subsection (2)(a)" insert "or (2A)(a)".