sec.26What is a home unit

sec.26 What is a home unit

For this division, a home unit is a unit used as the home of— the owner of the unit; or if the owner of the unit holds the owner’s shares in the home unit company in trust—all beneficiaries of the trust. However, subsection (3) applies if— a unit that is trust property of a trust ( trust 1 ) is used as the home of all beneficiaries of the trust; and a beneficiary of trust 1 is a prescribed relative of a beneficiary of another trust ( trust 2 ); and the trust property of trust 2 includes— a home unit forming part of any building; or exempt land used as the home of all beneficiaries of trust 2. The unit mentioned in subsection (2) (a) is not a home unit unless the commissioner is satisfied that trust 1 and trust 2 were not established by or on the instructions of the same person. If a home unit is also used for a non-exempt purpose— the commissioner must apportion the use of the unit between use as a home and use for non-exempt purposes, having regard to— the proportion of the gross floor area of the unit used for each purpose; and the extent to which each proportion is used for the purpose; and the fraction equivalent to the proportion of the unit used for non-exempt purposes must be used for calculating the value of b for section 27 . For this section, part 6 , division 1 , subdivision 2 applies to a unit— as if references in the subdivision to land, a residential area on land, and a residence on land, included a reference to a unit; and as if the reference in section 36 (2) (f) to the person’s acquisition of the land were a reference to the person’s acquisition of shares in the home unit company; and with any other necessary modifications. (sec.26-ssec.1) For this division, a home unit is a unit used as the home of— the owner of the unit; or if the owner of the unit holds the owner’s shares in the home unit company in trust—all beneficiaries of the trust. (sec.26-ssec.2) However, subsection (3) applies if— a unit that is trust property of a trust ( trust 1 ) is used as the home of all beneficiaries of the trust; and a beneficiary of trust 1 is a prescribed relative of a beneficiary of another trust ( trust 2 ); and the trust property of trust 2 includes— a home unit forming part of any building; or exempt land used as the home of all beneficiaries of trust 2. (sec.26-ssec.3) The unit mentioned in subsection (2) (a) is not a home unit unless the commissioner is satisfied that trust 1 and trust 2 were not established by or on the instructions of the same person. (sec.26-ssec.4) If a home unit is also used for a non-exempt purpose— the commissioner must apportion the use of the unit between use as a home and use for non-exempt purposes, having regard to— the proportion of the gross floor area of the unit used for each purpose; and the extent to which each proportion is used for the purpose; and the fraction equivalent to the proportion of the unit used for non-exempt purposes must be used for calculating the value of b for section 27 . (sec.26-ssec.5) For this section, part 6 , division 1 , subdivision 2 applies to a unit— as if references in the subdivision to land, a residential area on land, and a residence on land, included a reference to a unit; and as if the reference in section 36 (2) (f) to the person’s acquisition of the land were a reference to the person’s acquisition of shares in the home unit company; and with any other necessary modifications.