Assignment
Assignment in law or in equity, including without limitation assignment by declaration of trust
Capital
International related parties means those with an interest in equity, voting rights, or income distribution of 20% or greater.
International related parties
International related parties are persons who are not dealing wholly independently with one another in their commercial or financial relations and whose dealings or relations can be subject to Subdivision 815-B of the ITAA 1997 or the associated enterprises article of a relevant double tax agreement (DTA). The term includes:
- any overseas entity or person who participates directly or indirectly in your management, control or capital
- any overseas entity or person in respect of which you participate directly or indirectly in the management, control or capital
- any overseas entity or person in respect of which persons who participate directly or indirectly in its management, control or capital are the same persons who participate directly or indirectly in your management, control or capital.
International related party dealings
Means international commercial or financial dealings or relations between related parties including back-to-back arrangements, for example:
- an agreement with your foreign subsidiary
- you borrowing from a foreign bank taken together with a relevantly connected loan to the foreign bank from your overseas holding company.
The term only covers dealings or relations between different persons or entities and therefore does not include a 'dealing' or commercial or financial relations with your own branch operations.
Life insurance policy
Life insurance policy has the meaning given to life policy in the Life Insurance Act 1995, but includes:
- a contract made in the course of carrying on business that is a life insurance business because of a declaration in force under section 12A or 12B of that Act
- a sinking fund policy within the meaning of that Act.
Participates
To participate includes a right of participation, the exercise of which is contingent on an agreed event occurring.
Person
Person has the same meaning as in subsection 6(1) of the ITAA 1936 and section 995-1 of the ITAA 1997.
Specified countries
Specified countries are tax jurisdictions of interest, as listed in Appendix 1.