Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this Division, unless the contrary intention appears:
(a) a person who is a Territory resident;
(b) a person who is a trustee of a trust that is a Territory trust in relation to the year of income, being the person in his capacity as trustee of that trust; or
(c) a company that is a Territory company in relation to the year of income.
"prescribed Territory" means Norfolk Island.
(2) For the purposes of this Division:
(a) a reference to an agreement, right, power or option shall be construed as including a reference to an agreement, right, power or option that is not enforceable by legal proceedings whether or not it was intended to be so enforceable; and
(b) an arrangement or understanding, whether formal or informal and whether expressed or implied, shall be deemed to be an agreement.
(3) Where the effect of a provision of this Division that refers to the derivation of income by a person not being a company or to the application of income for the benefit of a person not being a company depends upon the determination of the question whether or not the person is a Territory resident, that question shall be determined as at the time of the derivation of the income by the person or of the application of the income for the benefit of the person, as the case may be.
(4) This Division applies in relation to profits or gains of a capital nature in the same manner as it applies in relation to income.
(5) For the purposes of this Division (other than section 24C), the adjacent area, within the meaning of the Sea Installations Act 1987 , in relation to a prescribed Territory shall, after the commencement of this subsection, be taken to be part of the prescribed Territory.