Victorian Current Acts Victorian Current Acts(1) For the purposes of this Part, a landholder holds land if the landholder is taken under this section to be entitled to land through a linked entity.
(2) Land held because of subsection (1) is in addition to land (if any) that the landholder holds in its own right.
(3) The interest the landholder is taken under this section to hold in land referred to in subsection (1) is the proportion of the land held by a linked entity equivalent to the proportion of the property of the linked entity that the landholder would be entitled to receive if all linked entities were to be wound up as provided in subsection (4).
(4) A landholder is taken to be entitled to land through linked entities, whether linked to the landholder or to other entities linked to the landholder or to each other, if, on the winding up of all linked entities and without having regard to any liabilities of the linked entities, the landholder would receive a distribution of any of the property held by any of the linked entities.
(5) However, land of linked entities is not counted for the purposes of this Part unless at least 20% of the land would be received by the landholder ultimately from linked entities as provided by subsection (4).
(6) The value, for duty purposes, of the interest in land that a landholder is taken to hold through a linked entity under this section is the portion of the unencumbered value of the land of the linked entity which is equivalent to the portion of the unencumbered value of the property of the linked entity to which the landholder would be entitled (without regard to any liabilities of the linked entities) if each linked entity were to be wound up.
(7) In this section—
"linked entity" means any person or body, corporate or unincorporated, that may hold property in its own right or for the benefit of any person, and includes a trust but does not include a natural person;
"person "includes a landholder and a linked entity;
"winding up" of a linked entity includes any means by which the entity's property is divested in favour of the persons entitled to it and, in the case of a linked entity that is a trust, includes the vesting of the trust property in the beneficiaries.
S. 76 substituted by No. 38/2012 s. 5.