63Partial exemption or refund for trustees

63 Partial exemption or refund for trustees (a) a trustee would be entitled to an exemption from or refund of land tax under this Division in respect of land because a vested beneficiary in relation to the land has used and occupied it as his or her principal place of residence; and (b) there are other vested beneficiaries in relation to the land who have not used and occupied it as their principal place of residence. (2) Despite anything to the contrary in this Division, the amount of the exemption or refund is determined as if the value of the land were the proportion of the value of the land that is equal to the proportion that the interest in the land held by the vested beneficiary in relation to the land referred to in subsection (1)(a) bears to the total interests of all vested beneficiaries in relation to that land. (3) Nothing in this section applies in the case of a person entitled to a life estate in possession. Pt 4 Div. 1A (Heading and ss 63A–63H) inserted by No. 48/2025 s. 32.