Section FB 1 — Income Tax Act 2007: What this subpart does

FB 1 What this subpart does When this subpart applies (1) This subpart sets out the tax treatment when property is transferred on a settlement of relationship property. General treatment of parties to agreement (2) The tax consequences for the transferee on a settlement of relationship property are the same as if the transferor had continued to hold the property. Meaning of settlement of relationship property (3) A settlement of relationship property means a transaction between parties to a relationship agreement that creates a disposal and acquisition of property under this subpart. Look-through interests (4) For the purposes of this subpart, property includes a look-through interest for a look-through company. Defined in this Act: look-through company , look-through interest , relationship agreement , settlement of relationship property , tax , Section FB 1(4) heading: added, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 61(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section FB 1(4): added, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 61(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section FB 1 list of defined terms look-through company : inserted, on 1 April 2011, by section 61(2) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section FB 1 list of defined terms look-through interest : inserted, on 1 April 2011, by section 61(2) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).