s. s. 5 5 to any liabilities of the linked entities) if each linked entity were to be wound up. (7) In this section— means any person or body, linked entity 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; includes a landholder and a linked person entity; of a linked entity includes any winding up 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. 76 Constructive ownership of land holdings—discretionary trusts (1) A person or a member of a class of persons in whose favour, by the terms of a discretionary trust, capital the subject of the trust may be applied— (a) in the event of the exercise of a power or discretion in favour of the person or class; or (b) in the event that a discretion conferred under the trust is not exercised— is, for the purposes of this section, a of the trust. beneficiary (2) A beneficiary of a discretionary trust is taken to own or to be otherwise entitled to land the subject of the trust, except to the extent (if any) determined by the Commissioner.
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. 76 Constructive ownership of land holdings—discretionary trusts s. 5 (1) A person or a member of a class of persons in whose favour, by the terms of a discretionary trust, capital the subject of the trust may be applied— (a) in the event of the exercise of a power or discretion in favour of the person or class; or (b) in the event that a discretion conferred under the trust is not exercised— is, for the purposes of this section, a beneficiary of the trust. (2) A beneficiary of a discretionary trust is taken to own or to be otherwise entitled to land the subject of the trust, except to the extent (if any) determined by the Commissioner. s. 5
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