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INCOME TAX ASSESSMENT ACT 1936 - SECT 346 Circumstances in which a transfer of property or services is an eligible business transaction

INCOME TAX ASSESSMENT ACT 1936 - SECT 346

Circumstances in which a transfer of property or services is an eligible business transaction

    An underlying transfer of property or services to a trust is an eligible business transaction if, and only if, at or about the time of the transfer, identical or similar property or services were transferred by the transferor in the ordinary course of business to ordinary clients or customers under arm's length transactions in similar circumstances and subject to identical or similar terms and conditions as those that applied in relation to the underlying transfer of the property or services concerned.

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