46HNomination of PPR beneficiary of unit trust scheme or discretionary trust for land tax purposes

46H Nomination of PPR beneficiary of unit trust scheme or discretionary trust for land tax purposes (1) The trustee of a unit trust scheme or discretionary trust may nominate a person to be the nominated PPR beneficiary of the scheme or trust for the purposes of this Act. (2) The person nominated must be a natural person who is a unitholder in the scheme or a beneficiary of the trust. (3) A nomination under subsection (1) must be lodged with the Commissioner in the form, and containing the information, determined by the Commissioner. (4) A nomination lodged in accordance with subsection (3)— S. 46H(4)(a) amended by No. 68/2007 s. 14(1), substituted by No. 40/2014 s. 20(1). (a) takes effect for the tax year in which the nomination is lodged; and S. 46H(4)(b) substituted by No. 68/2007 s. 14(2). (b) remains in force until whichever of the following occurs first— (i) the nominated PPR beneficiary dies; or (ii) the nominated PPR beneficiary ceases to use and occupy the land as his or her principal place of residence. S. 46H(5) substituted by No. 68/2007 s. 14(3). (5) The trustee of the scheme or trust may nominate a natural person who is a unitholder in the scheme or a beneficiary of the trust as the nominated PPR beneficiary if— (a) the nominated PPR beneficiary dies; or (b) the nominated PPR beneficiary ceases to use and occupy the land as his or her principal place of residence and the Commissioner considers that the nomination of a PPR beneficiary under this subsection is just and reasonable in the particular case. (6) A nomination lodged under subsection (5)— (a) must be in the form, and contain the information, determined by the Commissioner; and S. 46H(6)(b) substituted by No. 68/2007 s. 14(4)(a), amended by No. 40/2014 s. 20(2). (b) takes effect for the tax year in which the nomination is lodged; and S. 46H(6)(c) substituted by No. 68/2007 s. 14(4)(b). (c) remains in force until whichever of the following occurs first— (i) the nominated PPR beneficiary dies; or (ii) the nominated PPR beneficiary ceases to use and occupy the land as his or her principal place of residence. (7) A nomination may be lodged under subsection (5) on more than one occasion. (8) This section does not apply to a unit trust scheme if a notice is in force for the scheme under section 46C. S. 46I inserted by No. 85/2005 s. 27.