102H

Interpretation

In force

(1)

In this Part—

corporate group—see section 102J;

corporation has the same meaning as in section 9 of the Corporations

Act 2001 of the Commonwealth and includes a unit trust scheme;

direct interest—see section 102I;

exempted transaction means a transaction that is exempted from duty under section 102L;

exemption application means an application to the Commissioner under section 102M;

hold—a person holds property (including a security of a corporation) if the person—

(a)

is registered as the holder; or

(b)

is beneficially entitled to the property; or

(c)

controls the exercise of rights attached to the property;

indirect interest—see section 102I;

ineligible trust means a discretionary trust that is not a unit trust;

security, of a corporation, includes—

(a)

an issued share of the corporation; and

(b)

if the corporation is a unit trust scheme—a unit issued under the scheme.

(2)

For the purposes of this Part—

(a)

a reference to anything done by or held by a unit trust scheme is to be taken to refer to the thing being done by or held by a trustee or custodian of the unit trust scheme as trustee or custodian of that unit trust scheme; and

(b)

a corporation that is a unit trust scheme is taken to be a party to a transaction if the trustee or custodian of the unit trust scheme enters into the transaction as trustee or custodian of the scheme;

and

(c)

subject to subsection (3), a corporation that is a partner in a partnership is to be regarded as beneficially entitled to a proportionate share in each and every item of property of the partnership; and

(d)

a transfer of the registration of a motor vehicle will be taken to be a conveyance of the vehicle from the transferor to the transferee.

(3)

Subsection (2)(c) does not apply in relation to a corporation in a particular case if the Commissioner considers, having regard to the circumstances of the corporation and any relevant corporate group of which the corporation is a member, that the provision would operate unfairly in that case.

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