Take a very close look and read what it says in NOTE 1. INCOME TAX ASSESSMENT ACT 1997 - SECT 960.100 (1) Entity (a) an individual; (b) a body corporate; (c) a body politic; (d) a partnership; (e) any other unincorporated association or body of persons; (f) a trust; (g) a * superannuation fund; (h) an * approved deposit fund. Note: The term entity is used in a number of different but related senses. It covers all kinds of legal person. It also covers groups of legal persons, and other things, that in practice are treated as having a separate identity in the same way as a legal person does. (1A) Paragraph (1)(e) does not include a * non-entity joint venture. (2) The trustee of a trust, of a * superannuation fund or of an * approved deposit fund is taken to be an entity consisting of theperson who is the trustee, or the persons who are the trustees, at any given time. Note 1: This is because a right or obligation cannot be conferred or imposed on an entity that is not a legal person. Note 2: The entity that is the trustee of a trust or fund does not change merely because of a change in the person who is the trusteeof the trust or fund, or persons who are the trustees of the trust or fund. (3) A legal person can have a number of different capacities in which the person does things. In each of those capacities, theperson is taken to be a different entity Example: In addition to his or her personal capacity, an individual may be: • sole trustee of one or more trusts; and • one of a number of trustees of a further trust. In his or her personal capacity, he or she is one entity. As trustee of each trust, he or she is a different entity. The trustees of the further trust are a different entity again, of which the individual is a member. (4) If a provision refers to an entity of a particular kind, it refers to the entity in its capacity as that kind of entity in any other capacity. Example: A provision that refers to a company does not cover a company in a capacity as trustee, unless it also refers to a trustee. Note: Under section 87- 35, certain parts of Australian governments and authorities are treated as separate entities for the purposes of ascertaining whether another entity is conducting a personal services business.
Posted on: Tue, 26 Aug 2014 07:50:55 +0000
Trending Topics
Recently Viewed Topics
© 2015