46BLand tax for fixed trust if beneficial interests notified to Commissioner

46B Land tax for fixed trust if beneficial interests notified to Commissioner (1) A trustee of a fixed trust to which land is subject may lodge with the Commissioner a written notice of the beneficial interests in the land. S. 46B(2) substituted by No. 40/2014 s. 16. (2) A notice must be in the form, and contain the information, determined by the Commissioner. S. 46B(3) amended by No. 68/2007 s. 11, substituted by No. 40/2014 s. 16. (3) A notice takes effect for the tax year following the year in which the notice is lodged and remains in force until it is withdrawn by the trustee. S. 46B(3A) inserted by No. 40/2014 s. 16. (3A) Despite subsection (1), if a trustee withdraws a notice that is in force under this section in respect of a fixed trust, the trustee cannot lodge another notice under this section in respect of that fixed trust. (4) If a notice is in force under this section for a fixed trust— S. 46B(4)(a) amended by No. 76/2012 s. 17. (a) a beneficiary of the trust is deemed, for the purposes of this Act other than Division 1 of Part 4, to be the owner (but not to the exclusion of the trustee) of land subject to the trust that bears the same proportion to the whole of the land subject to the trust as the beneficiary's beneficial interest in land subject to the trust bears to the total beneficial interests in land subject to the trust, and is to be assessed for land tax on that land accordingly, together with any other taxable land owned by the beneficiary, at the applicable rate set out in Part 1 of Schedule 1; and (b) the trustee of the trust is to be assessed for land tax on the whole of the land subject to the trust at the applicable rate set out in Part 1 of Schedule 1, as if the land were the only land owned by the trustee. (5) There is to be deducted from the land tax payable by a beneficiary under subsection (4)(a) an amount (if any) necessary to avoid double taxation, being the lesser of— A is the proportion of the beneficiary's beneficial interest in land subject to the trust to the total beneficial interests in land subject to the trust; B is the total amount of tax assessed on the trustee under subsection (4)(b); and C is the taxable value of the land of which the beneficiary is deemed by subsection (4)(a) to be the owner; D is the total taxable value of all taxable land owned by the beneficiary; E is the amount of tax assessed on the beneficiary under subsection (4)(a). (6) For the purposes of this section, the trustee's right of indemnity from the trust property is taken not to be a beneficial interest in the land subject to the trust. (7) Subsection (4)(a) does not apply to a beneficiary who holds a beneficial interest as trustee of another trust. Section 46D(1)(a) deems such a person to be the owner of land. S. 46B(8) inserted by No. 22/2024 s. 7. (8) Subsection (4)(a) does not apply to a beneficiary of the trust if the beneficiary— (a) is not deemed to be the owner of any other taxable land; and S. 46B(9) inserted by No. 22/2024 s. 7. (9) Subsection (4)(b) does not apply to the trustee of the trust if the trustee— (a) is a beneficiary/trustee under section 46D or 46ID; and S. 46C inserted by No. 85/2005 s. 27.