81Meaning of effective control

81 Meaning of effective control

[Section 81 Substituted by No. 60 of 2013, s. 12, Applied:01 Mar 2014]

(1)  For the purposes of this Part, a person has effective control of property if, although the person may not have a legal interest in the property, the property is –

(a) directly or indirectly subject to the control of the person; or

(b) held for the ultimate benefit of the person.

(2)  Without limiting subsection (1) , when determining whether or not a person has effective control of any property, the following matters may be taken into account:

(a) any shareholdings in, debentures over or directorships of any corporation that has a direct or indirect interest in the property;

(b) any trust that has a relationship to the property;

(c) family, domestic and business relationships between persons having an interest in –

(i) the property; or

(ii) a corporation that has a direct or indirect interest in the property; or

(iii) a trust that has a relationship to the property;

(d) any other relevant matters.