Section YB 13 — Income Tax Act 2007: Look-through companies and owners of interests

YB 13 Look-through companies and owners of interests Association (1) A look-through company and a person who has a look-through interest for the look-through company (an owner ) and who is a director or employee for the look-through company are associated persons. Some owners (2) If subsection (1) does not apply to a look-through company and an owner, then they are associated persons if the owner has effective look-through interests of 25% or more in a right, obligation, or other property status, or thing of the look-through company. Some owners: general aggregation rule (3) For the purposes of subsection (2), if a person ( person A ) and another person ( person B ) are associated under any of sections YB 2 to YB 11 and YB 14 , person A is treated as holding anything held by person B. Some owners: aggregation rule for land provisions (4) For the purposes of subsection (2), if a person ( person A ) and another person ( person B ) are associated under any of sections YB 2 , YB 3 , YB 4(1)(b) and (2) to (4) , YB 7 , YB 8 , YB 10 , YB 11 , and YB 14 , person A is treated as holding anything held by person B. Defined in this Act: associated person , director , effective look-through interest , employee , look-through company , look-through interest Section YB 13: inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 134(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).