Income Tax Assessment Act 1936

PART X - ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES  

Division 2 - Types of entity  

Subdivision C - Eligible transferors in relation to trusts  

SECTION 346  

346   CIRCUMSTANCES IN WHICH A TRANSFER OF PROPERTY OR SERVICES IS AN ELIGIBLE BUSINESS TRANSACTION  

An underlying transfer of property or services to a trust is an eligible business transaction if, and only if, at or about the time of the transfer, identical or similar property or services were transferred by the transferor in the ordinary course of business to ordinary clients or customers under arm's length transactions in similar circumstances and subject to identical or similar terms and conditions as those that applied in relation to the underlying transfer of the property or services concerned.