Victorian Numbered Acts

STATE TAXATION ACTS AMENDMENT ACT 2015 (NO. 26 OF 2015) - SECT 25

In section 3(1) of the Land Tax Act 2005 insert the following definitions—

""absentee beneficiary", of a trust, means—

        (a)     a natural person absentee who, or an absentee corporation that—

              (i)     has a beneficial interest in land subject to a fixed trust; or

              (ii)     is a unitholder in a unit trust scheme; or

              (iii)     is a specified beneficiary of a discretionary trust; or

        (b)     a person who is not an absentee person who—

              (i)     has a beneficial interest in land subject to a fixed trust and holds that interest as a trustee of an absentee trust; or

              (ii)     is a unitholder in a unit trust scheme and holds unitholdings in that unit trust scheme as a trustee of an absentee trust; or

              (iii)     is a specified beneficiary of a discretionary trust in the capacity as a trustee of an absentee trust;

absentee controlling interest has the meaning given in section 3A;

"absentee corporation "means—

        (a)     a corporation that is incorporated outside Australia; or

        (b)     a corporation in which an absentee person has an absentee controlling interest;

"absentee owner" means an absentee person who is an owner of land;

"absentee person" means—

        (a)     a natural person absentee; or

        (b)     an absentee corporation; or

        (c)     a trustee of an absentee trust;

"absentee trust" means a trust under which at least one absentee beneficiary—

        (a)     has a beneficial interest in land subject to a fixed trust; or

        (b)     is a unitholder in a unit trust scheme; or

        (c)     is a specified beneficiary of a discretionary trust;

"Australian citizen or resident" means—

        (a)     an Australian citizen within the meaning of the Australian Citizenship Act 2007 of the Commonwealth; or

        (b)     the holder of a permanent visa within the meaning of section 30(1) of the Migration Act 1958 of the Commonwealth; or

        (c)     a New Zealand citizen who is the holder of a special category visa within the meaning of section 32(1) of the Migration Act 1958 of the Commonwealth;

"natural person absentee "means a natural person who is not an Australian citizen or resident and—

        (a)     who does not ordinarily reside in Australia; and

        (b)     who—

              (i)     was absent from Australia on 31 December in the year immediately preceding the tax year; or

              (ii)     in the year immediately preceding the tax year, was absent from Australia for a period of at least 6 months or for periods that when added together equal a period of at least 6 months;

"specified beneficiary", of a discretionary trust, means a beneficiary who is specifically named in the trust deed or specifically declared in writing pursuant to the trust deed as a beneficiary to or in whom, by the terms of the trust, the whole or any part of the trust income or property may be distributed or vested—

        (a)     in the event of the exercise of a power or discretion in favour of the beneficiary (whether or not that power is presently exercisable); or

        (b)     in the event that a discretion conferred under the trust is not exercised;".