Document ID: chunk:federal_register_of_legislation:C2005C00508:clause:1_1207g
Version: federal_register_of_legislation:C2005C00508
Segment Type: clause
Provision Reference: sch 1 cl 1207G
Character Range: 18039–19024

1207G  Transfer of property or services

 (1) A reference in this Part to the transfer of property or services to a trust includes a reference to the transfer of such property or services by way of the creation of the trust.

 (2) For the purposes of this Part, if an entity acquires property that did not previously exist, the property is taken to have existed immediately before the acquisition and to have been transferred by the entity who created the property.

 (3) For the purposes of this Part, property or services are taken to have been transferred to an entity if the property or services have been applied for the benefit of, or in accordance with the directions of, the entity.

 (4) Without limiting the generality of subsection (3), a reference in that subsection to the application of property or services for the benefit of an entity includes a reference to the application of property or services in the discharge, in whole or in part, of a debt due by the entity.