This ruling sets out how the Commissioner interprets certain terms relevant to applying for a connected entities exemption under the Duties Act 2008.
Chapter 6 of the Duties Act provides an exemption from duty for relevant transactions between corporations and unit trust schemes that are members of a family. This exemption can be revoked automatically following certain events, or at the discretion of the Commissioner.
Read this ruling with:
- Commissioner’s Practice TAA / DA 48 ‘Revocation of Connected Entities Exemption’ which outlines when a connected entities exemption will be revoked, when penalty tax may apply and how that penalty tax will be remitted.
- Commissioner’s Practice DA 49 'Connected Entities Exemption – Interest in a Hybrid Company' which explains when interest in a hybrid company is analogous to an issued share of a corporation for the purposes of a connected entity exemption.
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