Section FC 3 — Income Tax Act 2007: Property transferred to spouse, civil union partner, or de facto partner

FC 3 Property transferred to spouse, civil union partner, or de facto partner When this section applies (1) This section applies in the circumstances described in section FC 1(1)(a) or (b) when property is transferred on a person’s death to the surviving spouse, civil union partner, or de facto partner of the deceased person. However, this section does not apply if— (a) the property is tax-base property; and (b) a person who is not a close relative of the deceased person is beneficially entitled under the will or intestacy to other property that is tax-base property. Disposal to spouse or partner (2) The transfer of property to the surviving spouse, civil union partner, or de facto partner of the deceased person, including any intervening transfer to an executor or administrator, is treated as a transfer of property under a settlement of relationship property under subpart FB (Transfers of relationship property). Defined in this Act: close relative , de facto partner , settlement of relationship property , tax-base property , Compare: 2004 No 35 s FI 4