150What are “interests” and “significant interests” in landholders?

#### 150 What are “interests” and “significant interests” in landholders? 150 What are “interests” and “significant interests” in landholders? > > (1) For the purposes of this Chapter, a person has an interest in a landholder if the person, in the event of a distribution of all the property of the landholder, would be entitled (without regard to any liabilities of the landholder) to any of the property distributed. > > > (1A) However, an entitlement that arises merely because a person has a debt interest in a landholder, is not an interest in a landholder. > > > (2) A person who has an interest in a landholder has a significant interest in the landholder if the person, in the event of a distribution of all the property of the landholder immediately after the interest was acquired, would be entitled (without regard to any liabilities of the landholder) to— > > > > > (a) for a private landholder that is a private unit trust scheme—20% or more of the property distributed, or > > > > > (b) otherwise for a private landholder—50% or more of the property distributed, or > > > > > (c) for a public landholder—90% or more of the property distributed. > > > (3) An interest in a landholder that was acquired at a time when the landholder did not hold land in New South Wales is not counted during the period of 12 months after the landholder first holds land in New South Wales. > > > (4) In determining whether a person has a significant interest in a landholder, a distribution of property to any person in the person’s capacity as the holder of a debt interest is to be disregarded. > > > (5) In this section— > > > > debt interest has the same meaning as it has in Division 974 of the [Income Tax Assessment Act 1997](http://www.legislation.gov.au/) of the Commonwealth. > > > > person includes a landholder. > > > > private unit trust scheme has the same meaning as in Division 2. > > **s 150:** Ins 2009 No 51, Sch 1.2 \[2\]. Am 2009 No 91, Sch 1 \[8\]; 2010 No 118, Sch 1 \[9\] \[10\]; 2017 No 11, Sch 1 \[23\] \[24\]; 2023 No 26, Sch 1\[6\] \[7\].