Document ID: chunk:federal_register_of_legislation:C2025C00014:section:7:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 7 (pt 1/2)
Character Range: 1704141–1707146

7         An investment‑related betting chance                                                                                                                                                                                                                                                                             The betting investor                                              The betting investment body

 (2) In relation to an investment of a kind mentioned in column 1 of an item in the table in subsection (1):
 (a) the investor is the person specified in column 2 of the item; and
 (b) the investment body is the person specified in column 3 of the item.
 (3) Where:
 (a) by virtue of subsection (2), a body corporate other than an entrepot nominee company is the investor in relation to an investment; and
 (b) another person is entitled to receive from the body corporate all or part of the income from the investment;
the person's right to receive the income or part of the income is an investment to which this Part applies.
 (3A) In the case of an investment that is a relevant Part VA investment for the purposes of section 221YHZLA, subsection (3) does not apply to a person's right to receive income if:
 (a) the body corporate concerned has received a payment of the kind referred to in paragraph 221YHZLA(2)(a); and
 (b) the circumstances referred to in subparagraph 221YHZLA(2)(c)(i) or (ii) in relation to an applicant exist in relation to the body corporate.
 (4) In relation to an investment referred to in subsection (3):
 (a) the person entitled to receive income is the investor; and
 (b) the body corporate is the investment body.
 (5) Subsection (4) does not affect a person's status or obligations as an investor by virtue of subsection (2).
 (6) In determining whether a person in the capacity of trustee of a trust estate is an investor in relation to an investment, it is irrelevant that the name of the trust estate, the name of any actual or potential beneficiary or any other indication of trust is shown on any documentation in connection with the investment.
 (7) Subsection (6) is enacted for the guidance and information of investors and investment bodies and does not, by implication, affect the meaning of other provisions of this Act dealing with trustees and trust estates.
 (8) If subparagraph 26AJ(1)(a)(ii) and paragraphs 26AJ(1)(b), (c), (d), (e), (f) and (g) apply in relation to the payment or crediting of an amount to a person, being the taxpayer referred to in subsection 26AJ(1), then:
 (a) for the purposes of this section:
 (i) the betting chance referred to in paragraph 26AJ(1)(c) is an investment‑related betting chance; and
 (ii) the person is the betting investor in relation to the investment‑related betting chance; and
 (iii) the investment body referred to in paragraph 26AJ(1)(c) is the betting investment body in relation to the investment‑related betting chance; and
 (b) for the purposes of this Part, and for the purposes of Subdivision