Definitions
52ZO Definitions
In this Division, unless the contrary intention appears:
actively involved with a primary production enterprise has the meaning given by section 52ZW.
actual transfer, in relation to property or services, means a transfer of the property or services other than a transfer that is taken to have been made because of subsection 52ZV(1), (3) or (4).
adjusted net primary production income (in Subdivision K) has the meaning given by section 52ZZZL.
adjusted net value (in Subdivision K) has the meaning given by section 52ZZZK.
arm’s length amount, in relation to an actual transfer of property or services to a company or a trust, means the amount that the company or trust could reasonably be expected to have been required to pay to obtain the property or the services concerned from the transferor under a transaction where the parties to the transaction are dealing with each other at arm’s length in relation to the transaction.
asset attribution percentage has the meaning given by section 52ZZJ.
associate has the meaning given by section 52ZQ.
attributable stakeholder has the meaning given by section 52ZZJ.
attribution period has the meaning given by section 52ZZQ.
business partnership means a partnership within the meaning of the Income Tax Assessment Act 1997.
child: without limiting who is a child of a person for the purposes of this Division, each of the following is the child of a person:
an adopted child, step‑child or foster‑child of the person;
someone who is a child of the person within the meaning of the Family Law Act 1975.
company has the same meaning as in the Income Tax Assessment Act 1997.
concessional primary production trust has the meaning given by section 52ZZZF.
constituent document, in relation to a company, means:
the memorandum and articles of association of the company; or
any rules or other documents constituting the company or governing its activities.
control includes control as a result of, or by means of, trusts, agreements, arrangements, understandings and practices, whether or not having legal or equitable force and whether or not based on legal or equitable rights.
controlled private company has the meaning given by section 52ZZC.
controlled private trust has the meaning given by section 52ZZH.
decision‑making principles means decision‑making principles under section 52ZZZQ.
derivation period has the meaning given by section 52ZZP.
designated private company has the meaning given by section 52ZZA.
designated private trust has the meaning given by section 52ZZB.
director includes any person (by whatever name called) occupying the position of a director of a company.
entity means any of the following:
an individual;
a company;
a trust;
a business partnership;
a corporation sole;
a body politic.
group includes:
one entity alone; or
a number of entities, even if they are not in any way associated with each other or acting together.
income attribution percentage has the meaning given by section 52ZZJ.
interest in a share has the meaning given by section 52ZZG.
majority voting interest, in relation to a company, has the meaning given by section 52ZS.
primary production enterprise means a business in Australia that consists of primary production.
property includes money.
relative, in relation to a person, has the meaning given by section 52ZP.
scheme means:
any agreement, arrangement, understanding, promise or undertaking, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings; or
any scheme, plan, proposal, action, course of action or course of conduct, whether there are 2 or more parties or only one party involved.
services includes any benefit, right (including a right in relation to, and an interest in, real or personal property), privilege or facility and, without limiting the generality of the foregoing, includes a benefit, right, privilege, service or facility that is, or is to be, provided under:
an arrangement for or in relation to:
the performance of work (including work of a professional nature), whether with or without the provision of property; or
the provision of, or of the use of facilities for, entertainment, recreation or instruction; or
the conferring of benefits, rights or privileges for which remuneration is payable in the form of a royalty, tribute, levy or similar exaction; or
a contract of insurance; or
an arrangement for or in relation to the lending of money.
share includes stock.
spouse includes, in relation to a person who is a member of a couple (as defined by section 5E), the other member of the couple.
subsidiary has the same meaning as in the Corporations Act 2001.
sufficiently influenced, in relation to a company, has the meaning given by section 52ZR.
transfer:
in relation to property—includes dispose of (whether by assignment, declaration of trust or otherwise) or provide; and
in relation to services—includes allow, confer, give, grant, perform or provide.
trust means a person in the capacity of trustee or, as the case requires, a trust estate.
trustee has the same meaning as in the Income Tax Assessment Act 1997.
underlying transfer, in relation to a transfer of property or services to an entity, means:
if that transfer was an actual transfer—the actual transfer; or
if that transfer was taken to have been made because of subsection 52ZV(1)—the actual transfer referred to in that subsection; or
if that transfer was taken to have been made because of subsection 52ZV(3)—the actual transfer referred to in paragraph 52ZV(3)(b); or
if that transfer was taken to have been made because of subsection 52ZV(4)—the actual transfer referred to in paragraph 52ZV(4)(c).
voting power has the meaning given by section 52ZZE.
This Act’s bill:Second reading speech
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