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Definitions

Associated person

A person who is associated with another person in accordance with any of the following provisions:

  • persons are associated persons if they are related persons

  • natural persons are associated persons if they are partners in a partnership to which the Partnership Act 1892 applies

  • private companies are associated persons if common shareholders have a majority interest in each private company

  • trustees are associated persons if any person is a beneficiary common to the trusts (not including a public unit trust scheme) of which they are trustees

  • a private company and a trustee are associated persons if a related body corporate of the company (within the meaning of the Corporations Act 2001 of the Commonwealth) is a beneficiary of the trust (not including a public unit trust scheme) of which the trustee is a trustee.

Related person

Related person means a person who is related to another person in accordance with any of the following provisions:

a) natural persons are related if"

b) private companies are related persons if they are related bodies corporate within the meaning of the Corporations Law,

c) a natural person and a private company are related persons if the natural person is a majority shareholder or director of the company or of another private company that is a related body corporate of the company within the meaning of the Corporations Law,

d) a natural person and a trustee are related persons if the natural person is a beneficiary of the trust (not being a public unit trust scheme) of which the trustee is a trustee,

e) a private company and a trustee are related persons if the company, or a majority shareholder or director of the company, is a beneficiary of the trust (not being a public unit trust scheme) of which the trustee is a trustee.

Refer Revenue Ruling DUT010 for transfers pursuant to an agreement for sale or transfer of dutiable property.

Last updated: 2008-05-09
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