(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. 46C Land tax for unit trust scheme if unitholdings S. 46C inserted by notified to Commissioner No. 85/2005 s. 27. (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. (2) A notice must be in the form, and contain the S. 46C(2) substituted by information, determined by the Commissioner. No. 40/2014 s. 17. (3) A notice takes effect for the tax year following the S. 46C(3) amended by year in which the notice is lodged and remains in No. 68/2007 force until it is withdrawn by the trustee. s. 12, substituted by No. 40/2014 s. 17. (3A) Despite subsection (1), if a trustee withdraws a S. 46C(3A) inserted by notice that is in force under this section in respect No. 40/2014 of a unit trust scheme, the trustee cannot lodge s. 17. 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,
(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notice takes effect for the tax year following the year in which the notice is lodged and remains in force until it is withdrawn by the trustee.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,
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