Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this Division:
"associate" , in relation to a person, means any person who is an associate, within the meaning of section 318, in relation to the person.
"interest" , in relation to property, means any legal or equitable estate or interest in the property.
"property" means any property whether real or personal.
"right to receive income from property" means a right to have income that will or may be derived from property paid to, or applied or accumulated for the benefit of, the person owning the right.
"the prescribed date" , in relation to a person who transfers to another person a right to receive income from property, means the day preceding the seventh anniversary of the date on which income from the property is first paid to, or applied or accumulated for the benefit of, the other person by reason of the transfer.
(2) A reference in this Division to a transfer of an interest in property or of a right to receive income from property shall be read as a reference to any such transfer, whether made for valuable consideration or not.
(3) For the purposes of this Division, any income that will or may be derived by a trust estate from a business carried on by the trustee of the trust estate shall be deemed to be income that will or may be derived from property.
(4) For the purposes of this Division:
(a) where a person:
(i) declares that he or she holds a right to receive income from property upon trust for another person; or
(ii) transfers such a right to a trustee to be held upon trust for another person;
the right shall be deemed to be transferred to that other person; and
(b) where a person:
(i) declares that he or she holds a right to receive income from property upon trust for 2 or more other persons in succession; or
(ii) transfers such a right to, or to a trustee to be held upon trust for, 2 or more other persons in succession;
the right shall be deemed to be separately transferred to each of those other persons for the respective periods for which the right is held upon trust for, or transferred to, those persons.
(5) Where an interest in property or a right to receive income from property is transferred by 2 or more persons jointly, each of those persons shall, for the purposes of this Division, be deemed to have transferred an interest in that property or a right to receive income from that property, as the case may be.
(6) In this Division, unless the contrary intention appears:
(a) a reference to the arm's length consideration in respect of a transfer of a right to receive income from property is a reference to the consideration that might reasonably be expected to have been received or receivable in respect of the transfer if the right had been transferred under an agreement between independent parties dealing at arm's length with each other in relation to the agreement and transfer; and
(b) a reference to the amount of consideration is, in a case where consideration is paid or given otherwise than in cash, a reference to the money value of the consideration.