Document ID: chunk:federal_register_of_legislation:F2025L00219:reg:9
Version: federal_register_of_legislation:F2025L00219
Segment Type: reg
Provision Reference: reg 9
Character Range: 4023–5030

9  Criteria for arm's length transaction
     (1) For paragraph 8 (a), a transaction is an arm's length transaction if:
           (a) the transaction is for the purposes of the business activities of the company or trust; and
           (b) the transaction is made under a written agreement that is signed by each party to the agreement, and witnessed by an individual who is not a party to the transaction; and
           (c) each party to the transaction is:
           (i) at least 18 years old; or
           (ii) at least 16 years old and engaged in a full-time occupation; or
          (iii) at least 16 years old and receiving a social security entitlement; and
          (d) the transaction is made for an arm's length amount.

     (2) For subparagraph (1) (c) (ii), a full-time occupation:
           (a) includes any employment, trade, business, profession, vocation or calling; and
           (b) does not include a course of education at a school, college, university or similar institution.