46ILand tax for PPR land if nominated PPR beneficiary

46I Land tax for PPR land if nominated PPR beneficiary (1) This section applies if the nomination of a nominated PPR beneficiary for a unit trust scheme or discretionary trust is in force under section 46H. S. 46I(2) amended by No. 68/2007 s. 15(1). (2) The trustee of the unit trust scheme or discretionary trust is to be assessed for land tax on land subject to the scheme or trust that is used and occupied as the principal place of residence of the nominated PPR beneficiary as if the land were the only land owned by the trustee. S. 46I(2A) inserted by No. 47/2020 s. 45(1). (2A) For the purposes of subsection (2), land is not taken to be occupied as a place of residence unless there is a building affixed to the land (including a home unit) that, in the Commissioner's opinion— S. 46I(3) inserted by No. 68/2007 s. 15(2). (3) Subsection (2) applies only if the land has been used and occupied as the principal place of residence of the nominated PPR beneficiary— (a) since 1 July in the year preceding the tax year in which the nomination for that PPR beneficiary is lodged under section 46H; or (b) if the trustee became owner of the land on or after 1 July in the year preceding the tax year in which the nomination for that PPR beneficiary is lodged under section 46H, since a later date during that year. S. 46I(4) inserted by No. 83/2009 s. 10, substituted by No. 47/2020 s. 45(2). (4) Subsection (2) does not apply if— (a) rent is paid by or on behalf of the nominated PPR beneficiary for use and occupation of the land in the year preceding the tax year; or (b) the land contains a separate residence used to derive income from the land in the year preceding the tax year; or (c) the land is used to carry on a substantial business activity in the year preceding the tax year. S. 46I(5) inserted by No. 83/2009 s. 10. (5) In determining whether land is used by a person to carry on a substantial business activity, account must be taken of the factors referred to in section 62(2). Pt 3 Div. 2AB (Heading and ss 46IA–46AF) inserted by No. 26/2015 s. 32. Division 2AB—Land held on trust under absentee trusts S. 46IAA inserted by No. 67/2017 s. 15. 46IAA Absentee proportion of interests in land subject to a trust in a chain of trusts (1) The absentee proportion of interests in land subject to a trust to the total interests in the land is the proportion of all the interests in that land that— (a) natural person absentees or absentee corporations have in that land directly or indirectly through one or more chains of trusts that they do not hold on trust for another person; or (b) persons have in that land directly or indirectly through one or more chains of trusts as trustee of an absentee trust that is a discretionary trust. (2) Without limiting subsection (1), in calculating the absentee proportion of interests in land subject to a trust, a unitholding in a unit trust scheme is to be treated as an interest in the land.