Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Division, if an entity (the prime entity ) causes another entity to actually transfer property or services to a third entity, the prime entity is taken to have transferred the property or services (instead of the other entity).
(2) Subsection (1) does not limit the operation of subsection (3).
(3) If, under a scheme:
(a) an entity (the scheme entity ) actually transfers property or services to another entity; and
(b) property or services are actually transferred to a third entity at a particular time otherwise than by the scheme entity;
the Commission may, for the purposes of this Division, treat the property or services mentioned in paragraph (b) as having been transferred by the scheme entity to the third entity (instead of by any other entity) at that time to such extent as the Commission considers reasonable.
(4) If:
(a) an individual transfers property or services to an entity (the interposed entity ), being a company, a business partnership or a trust; and
(b) a winding - up event occurs in relation to the interposed entity; and
(c) an actual transfer of property or services is made to another entity (the ultimate transferee ) at a particular time as a consequence of the interposed entity being wound - up or ceasing to exist;
the Commission may, for the purposes of this Division, treat the property or services mentioned in paragraph (c) as having been transferred by the individual to the ultimate transferee (instead of by any other entity) at that time to such extent as the Commission considers reasonable.
(5) For the purposes of this section, each of the following events is a winding - up event in relation to a company:
(a) the company passes a resolution for its winding - up;
(b) an order is made for the winding - up of the company;
(c) any similar event.
(6) For the purposes of this section, a winding - up event occurs in relation to a business partnership if the business partnership ceases to exist for the purposes of the Income Tax Assessment Act 1997 .
(7) For the purposes of this section, a winding - up event occurs in relation to a trust if:
(a) the trust commences to be wound - up; or
(b) the trust ceases to exist for the purposes of the Income Tax Assessment Act 1997 .