INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 16D - Certain arrangements relating to the use of property  

SECTION 159GE   INTERPRETATION  

159GE(1)    

"associate"
means:

(a) in relation to a person other than an exempt public body - any person who is an associate, within the meaning of subsection 26AAB(14) , in relation to the person; and

(b) in relation to an exempt public body:

(i) a partner of the exempt public body or a partnership in which the exempt public body is a partner;

(ii) if a person who is an associate of the exempt public body by virtue of subparagraph (i) is a natural person - the spouse or a child of that person;

(iii) a trustee of a trust estate where the exempt public body or another person who is an associate of the exempt public body by virtue of another subparagraph of this paragraph 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, partnerships or trusts; or

(iv) a company where:

(A) the company is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the exempt public body, of a person who is an associate of the exempt public body by virtue of another subparagraph of this paragraph, of a company that is an associate of the exempt public body by virtue of another application of this subparagraph or of any 2 or more such persons; or

(B) the exempt public body is, the persons who are associates of the exempt public body by virtue of sub-subparagraph (A) and the other subparagraphs of this paragraph are, or the exempt public body and the persons who are associates of the exempt public body by virtue of that sub-subparagraph and those subparagraphs are, in a position to cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the company;

eligible amount

(a) where the item is an item of eligible depreciation property:

(i) the amount that was the cost of the item of property to the taxpayer who owns the item for the purposes of subsection 62(1) of this Act; or

(ii) the amount that was the cost of the item of property within the meaning of Division 40 , or the former Division 42, of the Income Tax Assessment Act 1997 to the taxpayer who holds it;

or that would have been the cost of the item of property to the taxpayer for the purposes of that subsection or that Division if that subsection or that Division had applied in relation to the item of property, as the case requires; and