sec.20Separate assessment of trust land

sec.20 Separate assessment of trust land

The liability for land tax of a taxpayer who is a trustee of a trust must be separately assessed on the taxable land that is subject to the trust, as if that land were the only land owned by the taxpayer as a trustee. However, subsection (1) does not apply if— the taxpayer is trustee of more than 1 trust; and the interests of the beneficiaries of 2 or more of the trusts are, when the taxpayer’s liability for land tax arises, the same. If subsection (1) does not apply, the taxpayer’s liability for land tax as trustee of the trusts mentioned in subsection (2) (b) must be assessed on the total taxable value of all taxable land that is subject to those trusts. (sec.20-ssec.1) The liability for land tax of a taxpayer who is a trustee of a trust must be separately assessed on the taxable land that is subject to the trust, as if that land were the only land owned by the taxpayer as a trustee. (sec.20-ssec.2) However, subsection (1) does not apply if— the taxpayer is trustee of more than 1 trust; and the interests of the beneficiaries of 2 or more of the trusts are, when the taxpayer’s liability for land tax arises, the same. (sec.20-ssec.3) If subsection (1) does not apply, the taxpayer’s liability for land tax as trustee of the trusts mentioned in subsection (2) (b) must be assessed on the total taxable value of all taxable land that is subject to those trusts.

• (a) the taxpayer is trustee of more than 1 trust; and
• (b) the interests of the beneficiaries of 2 or more of the trusts are, when the taxpayer’s liability for land tax arises, the same.