Definitions
Associated person
A person who is associated with another person in accordance with the following provisions:
a) persons are associated persons if they are related persons
b) natural persons are associated persons if they are partners in a partnership to which the Partnership Act 1892 applies
c) companies are associated persons if the same person has a majority shareholding in each company
d) trustees are associated persons if any person is a beneficiary common to the trusts of which they are trustees
e) a company and a trustee are associated persons if a related body corporate of the company is a beneficiary of the trust (not including a public unit trust scheme) of which the trustee is a trustee
f) a company and the trustee of a unit trust scheme are associated persons if the shares in the company and the units in the unit trust scheme are ‘stapled’, so that they cannot be traded except as a single security
g) trustees of unit trust schemes are associated persons if the units in the unit trust schemes are ‘stapled’, so that they cannot be traded except as a single security.
However, the responsible entity for a managed investment scheme and the responsible entity for another managed investment scheme are considered to be associated persons only if:
a) a person who holds a significant interest in one scheme also holds a significant interest in the other scheme, or,
b) a person holds a significant interest in one scheme and a related person to that person holds a significant interest in the other scheme.
A person holds a significant interest in a managed investment scheme if the person is a member of the scheme and has an interest in the scheme that (either alone or when aggregated with the interests in the scheme held by related persons who are members of the scheme) is an interest of more than 20%.
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 persons if:
one is the spouse or de facto partner of the other, or
the relationship between them is that of parent and child, brothers, sisters, or brother and sister,
b) companies are related persons if they are related bodies corporate,
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,
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.
