Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102aak:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AAK (pt 1/4)
Character Range: 727768–730454

102AAK  Deemed transfers of property or services to trust estate
 (1) For the purposes of this Division, where an entity (in this subsection called the prime entity) causes another entity to actually transfer property or services to a trust estate, the prime entity is taken to have transferred the property or services (instead of the other entity).
 (2) For the purposes of this Division, where:
 (a) the trustee of a trust estate issues units in the trust to an entity (in this subsection called the first entity) in the first entity's capacity as a manager, underwriter or dealer in relation to the marketing or placement of the units; and
 (b) in the course of the marketing or placement of the units, the units are disposed of by the first entity to another entity (in this subsection called the second entity); and
 (c) at a particular time (in this subsection called the second entity's transfer time), the second entity transfers property or services to the first entity as consideration for the acquisition of the units; and
 (d) the first entity has actually transferred, or actually transfers, property or services (in this subsection called the original property or services) to the trust estate for the sole purpose of acquiring the units;
the second entity is taken to have transferred the original property or services (instead of the first entity) at the second entity's transfer time.
 (3) A reference in subsection (2) to a unit in a trust estate is a reference to an interest (however described) in any of the income or property of the trust estate.
 (4) Subsections (1) and (2) do not limit the operation of subsection (5).
 (5) Where, under a scheme:
 (a) an entity (in this subsection called the scheme entity) actually transfers property or services to another entity; and
 (b) property or services are actually transferred to a trust estate at a particular time otherwise than by the scheme entity;
the Commissioner may, for the purposes of this Division, treat the property or services mentioned in paragraph (b) as having been transferred by the scheme entity to the trust estate (instead of by any other entity) at that time to such extent as the Commissioner considers reasonable.
 (6) For the purposes of this Division, if (apart from subsections (8), (10) and (11)) an entity, being a partnership, transfers property or services to a trust estate at a particular time:
 (a) each partner in the partnership is taken to have transferred a part of the property or services to the trust estate at that time; and
 (b) the market value of the part transferred by a particular partner is calculated using the formula:

  where:
          Market value means the