Clause 26
Amendment of section 34F
of Finance (Income Taxes) Bill
BillNot in forceProvision 25 of 72
Clause 26
In the ITA, in section 34F, after subsection (10), insert —“(11) For the purposes of this section, a related party of a partnership, a trustee of a trust, or a registered business trust is determined by reference to section 34D(3), (5) or (7), as the case may be.
(12)
Subsection (3) does not apply to a transaction between parties to a trust mentioned in section 34D(10).
(13)
To avoid doubt, a reference to a company in this section includes (by reason of section 36B(1)) a “registered business trust” as defined by section 2 of the Business Trusts Act 2004.”.