Definitions—pt 5
67 Definitions—pt 5
In this part:
associated person means a person who is associated with someone else in accordance with any of the following:
people are associated people if they are related people;
individuals are associated people if they are partners in a partnership to which the Partnership Act 1963 applies;
private companies are associated people if common shareholders have a majority interest in each private company;
trustees are associated people if anyone is a beneficiary common to the trusts (not including a public unit trust scheme) of which they are trustees;
a private company and a trustee are associated people if a related body corporate of the company is a beneficiary of the trust (not including a public unit trust scheme) of which the trustee is a trustee.
business includes the following, whether carried on by 1 person or 2 or more people together:
a profession or trade;
any other activity carried on for fee, gain or reward;
the activity of employing 1 or more people who perform duties in connection with another business;
the carrying on of a trust (including a dormant trust);
the activity of holding any money or property used in connection with another business.
entity means—
a person; or
2 or more people who are associated people.
group means a group under this part, but does not include any member of the group in relation to whom a determination under division 5.4 (Groups—miscellaneous) is in force.
private company means a company that is not limited by shares, or whose shares are not quoted on the Australian Stock Exchange or any exchange of the World Federation of Exchanges.
related body corporate—see the Corporations Act, section 9 (Dictionary).
related person means a person who is related to someone else in accordance with any of the following:
individuals are related people if—
they are domestic partners; or
The Legislation Act, s 169 defines domestic partner.
the relationship between them is that of parent and child, brothers, sisters, or brother and sister;
private companies are related people if they are related bodies corporate;
an individual and a private company are related people if the individual is a majority shareholder or director of the company or of another private company that is a related body corporate of the company;
an individual and a trustee are related people if the individual is a beneficiary of the trust (not being a public unit trust scheme) of which the trustee is a trustee;
a private company and a trustee are related people if the company, or a majority shareholder or director of the company, is a beneficiary of the trust (not being a public unit trust scheme) of which the trustee is a trustee.
This Act’s bill:Explanatory statementSecond reading speech
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