284BRestructuring of unit trust for land tax purposes

#### 284B Restructuring of unit trust for land tax purposes 284B Restructuring of unit trust for land tax purposes > > (1) Duty under this Act is not chargeable in respect of an instrument executed on or after 6 June 2006 and before 1 January 2008 that effects a variation to a trust deed for a unit trust (within the meaning of Schedule 1AA to the [Land Tax Management Act 1956](/view/html/inforce/current/act-1956-026)) if— > > > > > (a) before the instrument is executed, unit holders in the unit trust have fixed entitlements under the trust, and > > > > > (b) the purpose of the variation is to enable the unit trust to satisfy the relevant criteria (within the meaning of section 3A of the [Land Tax Management Act 1956](/view/html/inforce/current/act-1956-026)) and, accordingly, to be treated as a fixed trust under that section, and > > > > > (c) the variation does not directly or indirectly result in a change in the proportion of any income or capital to which a unit holder is entitled under the trust. > > > (2) Unit holders in a unit trust have fixed entitlements under the trust if— > > > > > (a) the unit holders are entitled to a fixed proportion of the income or capital distributions of the trust (if any are made) based on the number or class of units owned by them, and > > > > > (b) the entitlements referred to in paragraph (a) cannot be removed, restricted or otherwise affected by the exercise of a discretion, or by a failure to exercise a discretion, conferred on any person under the trust. > > **s 284B:** Ins 2006 No 87, Sch 1 \[20\].