1207C

Associates

In force

(1)

For the purposes of this Part, in determining:

(a)

whether a trust is a designated private trust; or

(b)

whether a company is a controlled private company in relation to an individual; or

(c)

whether a trust is a controlled private trust in relation to an individual; or

(d)

whether a trust is a concessional primary production trust in relation to an individual;

the following are associates of an individual:

(e)

a relative of the individual;

(f)

an entity who, in matters relating to the trust or company:

(i)

acts, or is accustomed to act; or

(ii)

under a contract or an arrangement or understanding (whether formal or informal), is intended or expected to act;

in accordance with the directions, instructions or wishes of:

(iii)

the individual; or

(iv)

the individual and another entity who is an associate of the individual because of another paragraph of this subsection;

(g)

an entity that is a declared associate of the individual (see subsection (2));

(h)

a business partner of the individual or a business partnership in which the individual is a business partner;

(i)

if a business partner of the individual is an individual—the spouse or a child of that business partner;

(j)

a trustee of a trust, where:

(i)

the individual; or

(ii)

another entity that is an associate of the individual because of another paragraph of this subsection;

benefits or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting under the trust, either directly or through any interposed companies, business partnerships or trusts;

(k)

a company, where the company is sufficiently influenced by:

(i)

the individual; or

(ii)

another entity that is an associate of the individual because of another paragraph of this subsection; or

(iii)

another company that is an associate of the individual because of another application of this paragraph; or

(iv)

2 or more entities covered by the preceding subparagraphs;

(l)

a company, where a majority voting interest in the company is held by:

(i)

the individual; or

(ii)

the entities that are associates of the individual because of any of the preceding paragraphs of this subsection; or

(iii)

the individual and the entities that are associates of the individual because of any of the preceding paragraphs of this subsection.

Declared associate

(2)

The Secretary may, by legislative instrument, determine that each entity included in a specified class of entities is taken to be a declared associate of an individual for the purposes of this section.

(3)

A determination under subsection (2) has effect accordingly.

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