76Constructive ownership of land holdings—discretionary trusts

76 Constructive ownership of land holdings—discretionary trusts (1) A person or a member of a class of persons in whose favour, by the terms of a discretionary trust, capital the subject of the trust may be applied— (a) in the event of the exercise of a power or discretion in favour of the person or class; or (b) in the event that a discretion conferred under the trust is not exercised— is, for the purposes of this section, a ***beneficiary*** of the trust. (2) A beneficiary of a discretionary trust is taken to own or to be otherwise entitled to land the subject of the trust, except to the extent (if any) determined by the Commissioner. (3) For the purposes of this Part, any land that is the subject of a discretionary trust is taken to be the subject of any other discretionary trust— (a) that is; or (b) any trustee of which (in the capacity of trustee) is— a beneficiary of it. (4) Subsection (3) extends to apply to land that is the subject of a discretionary trust only by the operation of that subsection. (5) Nothing in this section applies so that a person is taken to own or be entitled to more than 100% of the land the subject of a trust. ***person*** includes a landholder and a linked entity. ***Discretionary trust*** is defined in section 3(1). Division 2—Charging of duty S. 77 substituted by No. 38/2012 s. 5.