(7) Subsection (4)(a) does not apply to a beneficiary who holds a beneficial interest as trustee of another trust. Note Section 46D(1)(a) deems such a person to be the owner of land. S. 46C inserted by No. 85/2005 s. 27. 46C Land tax for unit trust scheme if unitholdings notified to Commissioner (1) A trustee of a unit trust scheme to which land is subject may lodge with the Commissioner a written notice of the unitholdings in the scheme. S. 46C(2) substituted by No. 40/2014 s. 17. (2) A notice must be in the form, and contain the information, determined by the Commissioner. S. 46C(3) amended by No. 68/2007 s. 12, substituted by No. 40/2014 s. 17. (3) A notice takes effect for the tax year following the year in which the notice is lodged and remains in force until it is withdrawn by the trustee. S. 46C(3A) inserted by No. 40/2014 s. 17. (3A) Despite subsection (1), if a trustee withdraws a notice that is in force under this section in respect of a unit trust scheme, the trustee cannot lodge another notice under this section in respect of that unit trust scheme. (4) If a notice is in force under this section for a unit trust scheme— (a) a unitholder in the scheme is deemed, for the purposes of this Act other than Division 1 of Part 4, to be the owner (but not to the exclusion of the trustee) of land subject to the scheme that bears the same proportion to the whole of the land subject to the scheme as the unitholder's unitholding in the scheme bears to the total unitholdings in the scheme,
S. 46I(3) inserted by No. 68/2007 s. 15(2). (3) Subsection (2) applies only if the land has been used and occupied as the principal place of residence of the nominated PPR beneficiary— (a) since 1 July in the year preceding the tax year in which the nomination for that PPR beneficiary is lodged under section 46H; or (b) if the trustee became owner of the land on or after 1 July in the year preceding the tax year in which the nomination for that PPR beneficiary is lodged under section 46H, since a later date during that year. S. 46I(4) inserted by No. 83/2009 s. 10. (4) Subsection (2) does not apply if the land for which a nomination is in force is used to carry on a substantial business activity. S. 46I(5) inserted by No. 83/2009 s. 10. (5) In determining whether land is used by a person to carry on a substantial business activity, account must be taken of the factors referred to in section 62(2). Pt 3 Div. 2AB (Heading and ss 46IA–46AF) inserted by No. 26/2015 s. 32. Division 2AB—Land held on trust under absentee trusts S. 46IAA inserted by No. 67/2017 s. 15. 46IAA Absentee proportion of interests in land subject to a trust in a chain of trusts (1) The absentee proportion of interests in land subject to a trust to the total interests in the land is the proportion of all the interests in that land that— (a) natural person absentees or absentee corporations have in that land directly or indirectly through one or more chains of trusts that they do not hold on trust for another person; or
(b) if the unit trust scheme is in a chain of trusts and is not an ultimate trust, an amount determined by the formula— where— D is the absentee proportion of interests in all land subject to the scheme; E is the taxable value of all land subject to the scheme. S. 46IA(1B) inserted by No. 67/2017 s. 16(1). (1B) A person who is the owner of land as trustee of an absentee trust that is a discretionary trust is liable for land tax determined at the applicable rate set out in Part 5 of Schedule 1. (2) The trustee is to be assessed for land tax on the whole of the land subject to the absentee trust as if the land were the only land owned by the trustee for the purposes of— S. 46IA(2)(a) amended by No. 67/2017 s. 16(2)(a). (a) the variable "B" in the formula in subsections (1) and (1A); and S. 46IA(2)(b) substituted by No. 67/2017 s. 16(2)(b). (b) subsection (1B). (3) This section does not apply to— (a) land subject to an excluded trust; or (b) land subject to an administration trust; or (c) child maintenance land. (4) This section is subject to sections 46IB, 46IC and 46IE.
(b) the area within an urban growth boundary specified in a planning scheme that is in force in the municipal district of each Council listed in Part 2 of Schedule 2; S. 64(1) def. of planning scheme inserted by No. 40/2014 s. 22(1)(a). planning scheme means a planning scheme to which the Planning and Environment Act 1987 applies; primary production means— (a) cultivation for the purpose of selling the produce of cultivation (whether in a natural, processed or converted state); or (b) the maintenance of animals or poultry for the purpose of selling them or their natural increase or bodily produce; or (c) the keeping of bees for the purpose of selling their honey; or (d) commercial fishing, including the preparation for commercial fishing or the storage or preservation of fish or fishing gear; or (e) the cultivation or propagation for sale of plants seedlings mushrooms or orchids; proprietary company has the same meaning as in the Corporations Act; relevant period, in relation to a proprietary company means, for any point in time— (a) the previous 3 years; or (b) the period since the incorporation of the company—
postponed, the Board may direct the Commissioner to— (a) waive the payment of the postponed amount of land tax either wholly or in part; and (b) make a reassessment of the land tax. Division 3—Land Tax Hardship Relief Board 95 Establishment and procedure (1) There is to be a Land Tax Hardship Relief Board. (2) The Board consists of the following 3 members— (a) the Secretary to the Department of Treasury and Finance or his or her nominee; (b) the Commissioner or his or her nominee; (c) a person selected by the Commissioner or his or her nominee from a panel of 3 persons appointed by the Governor in Council on the recommendation of the Minister. (3) Before making a recommendation under subsection (2)(c), the Minister must consult with organisations that, in the Minister's opinion, represent persons engaged in the practice of law or accountancy or the valuation of land. (4) The Board may regulate its proceedings as it thinks fit. Division 1—Security for land tax 96 Land tax is a first charge on land
The rate of land tax for 2006 is set out in Table 1.1. Sch. 1 cl. 1.1 (Table 1.1) amended by No. 22/2007 s. 7(1)(a). TABLE 1.1 Item Column 1 Taxable value not less than Column 2 Taxable value less than Column 3 Rate of land tax $ $ 1. 0 200 000 Nil 2. 200 000 540 000 $200 and 02% of the taxable value that exceeds $200 000 3. 540 000 900 000 $880 and 05% of the taxable value that exceeds $540 000 4. 900 000 1 190 000 $2680 and 1% of the taxable value that exceeds $900 000 5. 1 190 000 1 620 000 $5580 and 15% of the taxable value that exceeds $1 190 000 6. 1 620 000 2 700 000 $12 030 and 225% of the taxable value that exceeds $1 620 000 7. 2 700 000 $36 330 and 35% of the taxable value that exceeds $2 700 000 Note Clause 5 of Schedule 3 has transitional provisions capping certain land tax increases in 2006. Sch. 1 cl. 1.2 (Heading) amended by No. 22/2007 s. 7(1)(b). Sch. 1 cl. 1.2 substituted by No. 38/2006 s. 8(1), amended by No. 22/2007 s. 7(1)(c). 1.2 Land tax for 2007 The rate of land tax for 2007 is set out in Table 1.2.
Assent Date: 24.8.10 Commencement Date: S. 230 on 1.7.12: s. 2(2) : This information relates only to the provision/s amending the Land Tax Act 2005 Victorian Urban Development Authority Amendment (Urban Renewal Authority Victoria) Act 2011, No. 35/2011 Assent Date: 5.7.11 Commencement Date: S. 19 on 25.10.11: Special Gazette (No. 342) 25.10.11 p. 1 : This information relates only to the provision/s amending the Land Tax Act 2005 State Taxation Acts Further Amendment Act 2011, No. 69/2011 Assent Date: 29.11.11 Commencement Date: Ss 27–36 on 30.11.11: s. 2(1) : This information relates only to the provision/s amending the Land Tax Act 2005 State Taxation and Other Acts Amendment Act 2012, No. 76/2012 Assent Date: 4.12.12 Commencement Date: Ss 3–18 on 5.12.12: s. 2(1) : This information relates only to the provision/s amending the Land Tax Act 2005 State Taxation and Financial Legislation Amendment Act 2013, No. 69/2013 Assent Date: 19.11.13 Commencement Date: Ss 14–16 on 20.11.13: s. 2(1) : This information relates only to the provision/s amending the Land Tax Act 2005 Mental Health Act 2014, No. 26/2014 Assent Date: 8.4.14 Commencement Date: S. 455(Sch. item 19) on 1.7.14: s. 2(1) : This information relates only to the provision/s amending the Land Tax Act 2005 Building a Better Victoria (State Tax and Other Legislation Amendment) Act 2014, No. 40/2014 Assent Date: 17.6.14 Commencement Date: S. 18 on 12.12.07: s. 2(2); ss 13–17, 19–26 on 18.6.14: s. 2(1); ss 27, 28 on 1.12.14: s. 2(6) : This information relates only to the provision/s amending the Land Tax Act 2005 State Taxation Acts Amendment Act 2015, No. 26/2015
In section 78(3) of the Land Tax Act 2005, in the definition of retirement village omit "within the meaning of section 76". 64 Exemption of land under construction for certain exempt uses In section 78A(8) of the Land Tax Act 2005— (a) in the definition of residential service, for "section 76A;" substitute "section 76A."; (b) the definitions of residential care facility, retirement village and supported residential service are repealed. 65 New Division 9 of Part 4 inserted After Division 8 of Part 4 of the Land Tax Act 2005 insert— "Division 9—Exemptions from vacant residential land tax 88A Holiday home exemption (1) Land is exempt from vacant residential land tax if— (a) in the year preceding the tax year, the owner of the land—