Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102aak:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AAK (pt 2/4)
Character Range: 730214–733009

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 market value, immediately before the transfer, of the property or services transferred by the partnership.
          Partner's interest means:
 (i) the partner's percentage interest in the profits of the partnership as at that time; or
 (ii) the partner's percentage interest in the property of the partnership as at that time;
  or, if they are different, whichever is the higher.
 (7) Nothing in paragraph (6)(a) affects the application of this Division to the transfer made by the partnership concerned.
 (8) For the purposes of this Division, if:
 (a) apart from this subsection, subsections (6), (10) and (11), an entity being the trustee of a trust estate (in this subsection called the transferor trust estate) transfers property or services (in this subsection called the transferred property or services) to another trust estate (in this subsection called the transferee trust estate) at a particular time (in this subsection called the transfer time); and
 (b) the transferor trust estate was an Australian trust, or a controlled foreign trust, at the transfer time; and
 (c) the transferor trust estate was a discretionary trust estate at the transfer time; and
 (d) apart from this subsection, subsections (6), (10) and (11), one or more other entities transferred property or services to the transferor trust estate at or before the transfer time;
each of those other entities is taken to have transferred the transferred property or services to the transferee trust estate at the transfer time.
 (9) Nothing in subsection (8) affects the application of this Division to the transfer mentioned in paragraph (8)(a).
 (10) For the purposes of this Division, where:
 (a) any of the following subparagraphs applies:
 (i) any of the following events occurs in relation to a company (which company is in this subsection called the transferor):
 (A) the company passes a resolution for its winding‑up;
 (B) an order is made for the winding‑up of the company;
 (C) any similar event;
 (ii) a partnership (in this subsection also called the transferor) ceases to exist for the purposes of this Act;
 (iii) either of the following sub‑subparagraphs applies in relation to the trustee of a trust estate (in this subsection also called the transferor):
 (A) the trust estate commences to be wound‑up;
 (B) the trust estate ceases to exist for the purposes of this Act; and
 (b) an actual transfer of property or services is made to a trust estate (in this subsection called the transferee) as a consequence of the transferor being wound‑up or ceasing to