284B Restructuring of unit trust for land tax purposes
(1) Duty under this Act is not chargeable in respect of an instrument executed on or after 6 June 2006 and before 1 January 2008 that effects a variation to a trust deed for a unit trust (within the meaning of Schedule 1AA to the Land Tax Management Act 1956) if:
(a) before the instrument is executed, unit holders in the unit trust have fixed entitlements under the trust, and
(b) the purpose of the variation is to enable the unit trust to satisfy the relevant criteria (within the meaning of section 3A of the Land Tax Management Act 1956) and, accordingly, to be treated as a fixed trust under that section, and
(c) the variation does not directly or indirectly result in a change in the proportion of any income or capital to which a unit holder is entitled under the trust.
(2) Unit holders in a unit trust have fixed entitlements under the trust if:
(a) the unit holders are entitled to a fixed proportion of the income or capital distributions of the trust (if any are made) based on the number or class of units owned by them, and
(b) the entitlements referred to in paragraph (a) cannot be removed, restricted or otherwise affected by the exercise of a discretion, or by a failure to exercise a discretion, conferred on any person under the trust.