46KRequirements for trustees and other persons to notify Commissioner

46K Requirements for trustees and other persons to notify Commissioner S. 46K(1) amended by No. 40/2014 s. 21(1), substituted by No. 24/2025 s. 19(2). (1) A person who becomes the owner of land in Victoria as trustee of a trust, whether or not the person previously owned the land as trustee of a different trust, must lodge a written notice with the Commissioner within one month after becoming the owner of the land as trustee of that trust. S. 46K(2) substituted by No. 24/2025 s. 19(2). (2) A person who owns land in Victoria as trustee of a trust must lodge a written notice with the Commissioner within one month after the trust becomes a different category of trust. If a trust deed is varied so that a discretionary trust becomes an excluded trust, the trustee must notify the Commissioner within one month. The Commissioner may require the trustee to include information about the variation of the trust deed (including a copy of the deed and variation) and any other information necessary to prove that the trust has become an excluded trust. S. 46K(3) substituted by No. 24/2025 s. 19(2). (3) A person who becomes the owner of land in Victoria in any capacity other than as trustee of a trust must lodge a written notice with the Commissioner within one month after becoming the owner of the land in that capacity if, immediately before becoming the owner of the land in that capacity, the person owned the land as trustee of a trust. (4) A trustee of a fixed trust in respect of which a notice is in force under section 46B must lodge a written notice with the Commissioner within one month after any change to the beneficial interests in land subject to the trust. (5) A trustee of a unit trust scheme in respect of which a notice is in force under section 46C must lodge a written notice with the Commissioner within one month after any change to the unitholdings in the scheme. S. 46K(5A) inserted by No. 68/2007 s. 16. (5A) A person who was a personal representative of a deceased estate that includes land in Victoria must lodge a written notice with the Commissioner within one month after the administration of that estate is completed. S. 46K(5B) inserted by No. 40/2014 s. 21(2). (5B) If a nomination lodged under section 46H is in force and the nominated PPR beneficiary for the land ceases to use and occupy the land as his or her principal place of residence, the trustee of the land must lodge a written notice with the Commissioner within one month of that beneficiary ceasing to use or occupy the land as his or her principal place of residence. (6) A notice under this section must be in the form, contain the information and be accompanied by any documents or other evidence determined by the Commissioner. (7) A notice under this section is in addition to any notice that the person is required to give under section 103. (8) In this section— ***category of trust*** means— (a) a fixed trust; (b) a unit trust scheme; (c) a discretionary trust; (d) an excluded trust. Pt 3 Div. 2B (Heading and ss 46L, 46M) inserted by No. 83/2009 s. 5.