Document ID: chunk:federal_register_of_legislation:F2023C00564:reg:21:p5
Version: federal_register_of_legislation:F2023C00564
Segment Type: reg
Provision Reference: reg 21 (pt 5/6)
Character Range: 46145–49044

stake in the company (worked out in accordance with section 190‑5 of the Act as if the individual were a company); or
 (b) each shareholder of the company is either the individual or a family member of the individual.
 (4) The individual satisfies the requirements of this subsection if, for at least one partnership that is a member of the GST group or proposed GST group, the partners of the partnership are:
 (a) the individual and one or more family members of the individual; or
 (b) family members of the individual.
 (5) The individual satisfies the requirements of this subsection if, for at least one trust that is a member of the GST group or proposed GST group:
 (a) the beneficiaries of the trust include either or both of the individual and family members of the individual; and
 (b) the trustee of the trust distributes income or capital of the trust only to permitted beneficiaries.

Division 51—GST joint ventures

Subdivision 51‑A—Formation of and participation in GST joint ventures

51‑5.01  Specified purposes for GST joint ventures
 (1) for the purposes of paragraph 51‑5(1)(a) of the Act, each of the following purposes are specified:
 (a) research and development;
 (b) the provision of insurance, other than life insurance;
 (c) fishing;
 (d) agriculture;
 (e) cultivation, or exploitation, of timber;
 (f) design, or building, or maintenance, of residential or commercial premises;
 (g) civil engineering, including the design, construction and maintenance of roads, railways, bridges, canals, dams, ports, harbours, airports and similar installations;
 (h) generation, or transmission, or distribution, of electricity;
 (i) transmission, or distribution, of water;
 (j) receipt, or storage, or distribution, of oil and gas products;
 (k) refining, or processing, of oil and gas products;
 (l) beneficiation of minerals and primary metal production, including alloy production;
 (m) charitable activities;
 (n) transportation.
 (2) If a joint venture is a joint venture for more than one of the purposes specified in subsection (1) or paragraph 51‑5(1)(a) of the Act, the combination of those purposes is specified as a purpose.

Part 4‑2—Special rules mainly about supplies and acquisitions

Division 70—Financial supplies (reduced credit acquisitions)

70‑5.01  Objects of this Division
  The objects of this Division are:
 (a) to specify the kind of acquisitions that relate to making financial supplies that can give rise to an entitlement to a reduced input tax credit; and
 (b) to specify the percentage to which the input tax credit is reduced.

70‑5.01A  Meaning of closely related
  An enterprise is closely related to another enterprise if any of the following conditions apply:
 (a) both enterprises are carried on by the same entity;
 (b) one enterprise is carried on by a 100% subsidiary of the entity that carries on the other enterprise;
 (c) both enterprises