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

FC 1 What this subpart does Types of distributions and gifts (1) This subpart provides a value for property that is disposed of under the following transactions: (a) the transfer of a person’s estate to an executor or administrator on the death of the person: (b) the transfer of property on a distribution by an executor, administrator, or trustee of a deceased person’s estate to a beneficiary who is beneficially entitled to receive the property under the will or the rules governing intestacy: (c) the transfer of property on a distribution by a trustee of a trust to a beneficiary of the trust: (d) the transfer of property on a distribution in kind by a company in a transfer of value caused by a shareholding in the company under section CD 6 (When is a transfer caused by a shareholding relationship?): (e) the transfer of property on the making of a gift: (f) the transfer of property on a settlement by the trustee of a trust on the trustee of another trust, if authorised under— (i) a trust instrument as a power of advancement or resettlement: (ii) section 41 of the Trustee Act 1956 as the payment of money or the application of property. Some definitions (2) In this subpart,— close relative , in relation to a transfer from a person’s estate, means— (a) a surviving spouse, civil union partner, or de facto partner of the deceased person: (b) a person who is within the second degree of relationship to the deceased person property includes a look-through interest for a look-through company tax-base property means— (a) revenue account property: (b) an attributing interest in a foreign investment fund (FIF): (c) a financial arrangement other than an arrangement for which the deceased person, or their trustee, was a cash basis person: (d) an item for which a deduction for an amount of depreciation loss arises. Defined in this Act: amount , attributing interest , cash basis person , company , deduction , de facto partner , depreciation loss , FIF , financial arrangement , look-through company , look-through interest , revenue account property , settlement , transfer of value , trustee , Compare: 2004 No 35 s FI 1 Section FC 1(2) property : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 63(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section FC 1 list of defined terms look-through company : inserted, on 1 April 2011, by section 63(2) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section FC 1 list of defined terms look-through interest : inserted, on 1 April 2011, by section 63(2) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).