(1) For the purposes
of section 163 the following persons or entities are related persons —
(a)
individuals who are spouses, or de facto partners, of each other;
(b)
individuals between whom the relationship is that of parent and child;
(c)
related corporations;
(d) a
trustee and another trustee if there is any beneficiary common to the trusts
of which they are trustees, whether the beneficiary has a vested share or is
contingently entitled or is a potential beneficiary under a discretionary
trust;
(e) an
individual and a corporation if the individual is a majority shareholder,
director or secretary of the corporation or a related corporation;
(f) an
individual and a trustee if the individual is a beneficiary under the trust of
which the trustee is a trustee, whether the person has a vested share or is
contingently entitled or is a potential beneficiary under a discretionary
trust;
(g) a
corporation and a trustee if —
(i)
the corporation or a majority shareholder, director or
secretary of the corporation is a beneficiary under the trust of which the
trustee is a trustee; or
(ii)
a related corporation to the corporation is a beneficiary
under the trust of which the trustee is a trustee,
whether the
beneficiary has a vested share or is contingently entitled or is a potential
beneficiary under a discretionary trust;
(h)
persons or entities that acquire interests in a landholder by virtue of
acquisitions that together form, evidence, give effect to or arise from what
is, substantially one arrangement;
(i)
persons or entities that acquire interests in a
landholder by virtue of acquisitions that arise from those persons or entities
acting in concert with each other.
(1A) Subsection (1)(h)
and (i) do not apply —
(a) in
circumstances where the acquisitions result from a public float; or
(b) in
prescribed circumstances.
(2) If the
Commissioner is satisfied, in the case of a particular acquisition of an
interest in an entity, that subsection (3) applies to persons that would
otherwise be related persons under subsection (1), the Commissioner may
determine that, despite that subsection, the persons are not related persons
for the purposes of section 163.
(2A) The Commissioner
cannot make a determination under subsection (2) in relation to persons or
entities that are related persons under subsection (1)(c), (h) or (i).
(3) This subsection
applies to persons if their interests in the entity —
(a) were
acquired independently and are, and will be, employed independently; and
(b) were
not acquired for a common purpose and are not, and will not be, employed for a
common purpose.
[Section 162 amended: No. 12 of 2019 s. 73.]