46FNomination of beneficiary of pre-2006 discretionary trust for land tax purposes

46F Nomination of beneficiary of pre-2006 discretionary trust for land tax purposes (1) This section applies to a discretionary trust if the trust property includes any pre-2006 land. (2) The trustee of the trust may nominate a person to be the nominated beneficiary of the trust for the purposes of this Act. (3) The person nominated must be— (ii) is of or over the age of 18 years on 31 December 2005; and (b) the trustee, if all beneficiaries of the trust are under the age of 18 years on 31 December 2005. (4) A nomination under subsection (2) must— (a) be in the form, and contain the information, determined by the Commissioner; and (b) be lodged with the Commissioner on or before the later of— (i) 30 June 2006; or (ii) 3 months after the day on which a liability first arises for land tax on land subject to the trust. (5) A nomination lodged in accordance with subsection (4)— (a) takes effect— (i) for the 2006 tax year if made on or before 30 June 2006; or S. 46F(5)(a)(ii) substituted by No. 68/2007 s. 13(1). (ii) in any other case, for the tax year in respect of which the nomination is lodged; and (b) remains in force until— (i) revoked by the nominated beneficiary in writing given to the Commissioner; or (ii) the nominated beneficiary dies. (6) If the nominated beneficiary revokes the nomination, the trustee of the trust may nominate as the nominated beneficiary— (ii) is of or over the age of 18 years on the date of the nomination; and (b) the trustee, if all beneficiaries of the trust are under the age of 18 years on the date of the nomination— if the Commissioner considers that the nomination of a beneficiary under this subsection is just and reasonable in the particular case. (7) If the nominated beneficiary dies, the trustee of the trust may nominate as the nominated beneficiary— (ii) is of or over the age of 18 years on the date of the nomination; and (b) the trustee, if all beneficiaries of the trust are under the age of 18 years on the date of the nomination. (8) A nomination lodged under subsection (6) or (7)— (a) must be in the form, and contain the information, determined by the Commissioner; and S. 46F(8)(b) substituted by No. 68/2007 s. 13(2), amended by No. 40/2014 s. 19. (b) takes effect for the tax year following the tax year in which the nomination is lodged; and (c) remains in force until— (i) revoked by the nominated beneficiary in writing given to the Commissioner; or (ii) the nominated beneficiary dies. (9) A nomination may be lodged under subsection (6) or (7) (as the case requires) on more than one occasion. S. 46G inserted by No. 85/2005 s. 27.