Land Tax Act 2010
sec.43Provision for particular family trusts
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sec.43 Provision for particular family trusts
Land that is trust property of a trust ( trust 1 ) is not exempt land under this division if— either— land that is trust property of another trust ( trust 2 ) is exempt land under this division; or a home unit that is trust property of another trust (also trust 2 ) is taken into account under section 27 ; and a beneficiary of trust 1 is a prescribed relative of a beneficiary of trust 2. However, subsection (1) does not apply, and the land is exempt land, if the commissioner is satisfied trust 1 and trust 2 were not established by or on the instructions of the same person. In this section— home unit see section 26 . owner , of a home unit, see section 25 . (sec.43-ssec.1) Land that is trust property of a trust ( trust 1 ) is not exempt land under this division if— either— land that is trust property of another trust ( trust 2 ) is exempt land under this division; or a home unit that is trust property of another trust (also trust 2 ) is taken into account under section 27 ; and a beneficiary of trust 1 is a prescribed relative of a beneficiary of trust 2. (sec.43-ssec.2) However, subsection (1) does not apply, and the land is exempt land, if the commissioner is satisfied trust 1 and trust 2 were not established by or on the instructions of the same person. (sec.43-ssec.3) In this section— home unit see section 26 . owner , of a home unit, see section 25 .
- (a) either— (i) land that is trust property of another trust ( trust 2 ) is exempt land under this division; or (ii) a home unit that is trust property of another trust (also trust 2 ) is taken into account under section 27 ; and
- (i) land that is trust property of another trust ( trust 2 ) is exempt land under this division; or
- (ii) a home unit that is trust property of another trust (also trust 2 ) is taken into account under section 27 ; and
- (b) a beneficiary of trust 1 is a prescribed relative of a beneficiary of trust 2.
- (i) land that is trust property of another trust ( trust 2 ) is exempt land under this division; or
- (ii) a home unit that is trust property of another trust (also trust 2 ) is taken into account under section 27 ; and