4Interpretation

##### 4 Interpretation (1) In this Act, unless the contrary intention appears: > adopted child, in relation to a person, means a person adopted by the first‑mentioned person: (a) under the law of a State or Territory relating to the adoption of children; or (b) under the law of any other place relating to the adoption of children, if the validity of the adoption would be recognized under the law of any State or Territory. > child, in relation to a person, includes an adopted child, a step‑child or an ex‑nuptial child of that person. > Commissioner means the Commissioner of Taxation. > Deputy Commissioner means a Deputy Commissioner of Taxation. > disposition of property means any conveyance, transfer, assignment, settlement, delivery, payment or other alienation of property and, without limiting the generality of the foregoing, includes: (a) the allotment of shares in a company; (b) the creation of a trust in property; (c) the grant or creation of any lease, mortgage, charge, servitude, licence, power, partnership or interest in property; (d) the release, discharge, surrender, forfeiture or abandonment, at law or in equity, of any debt, contract or chose in action, or of any interest in property; (e) the exercise of a general power of appointment of property in favour of any person other than the donee of the power; and (f) any transaction entered into by any person with intent thereby to diminish, directly or indirectly, the value of his own property and to increase the value of the property of any other person. > donee means any person who acquires any interest in property under a gift, and, where a gift is made to a trustee for the benefit of another person, includes both the trustee and beneficiary. > donor means any person who makes a gift. > Federal Court means the Federal Court of Australia. > gift means any disposition of property which is made otherwise than by will (whether with or without an instrument in writing), without consideration in money or money’s worth passing from the disponee to the disponor, or with such consideration so passing if the consideration is not, or, in the opinion of the Commissioner, is not, fully adequate. > gift duty means the gift duty assessed under this Act. > grandchild, in relation to a person, means a person who is the child of a child of that person. > grandparent, in relation to a person, means a person of whom that person is the grandchild. > interest in property means any estate, interest, right or power whatsoever, whether at law or in equity, in or over any property. > member of the family, in relation to a person, means the spouse, a child, a grandchild, a parent or a grandparent of that person. > objector means a person who has duly lodged, or is to be treated as having duly lodged, under section 31, an objection against an assessment. > parent, in relation to a person, means a person of whom that person is the child. > person includes all bodies or associations, whether corporate or unincorporate. > property includes real property and personal property and every interest in real property or personal property. > Second Commissioner means a Second Commissioner of Taxation. > this Act includes Part IVC of the Taxation Administration Act 1953, insofar as that Part relates to this Act. > Tribunal means the Administrative Appeals Tribunal. (2) For the purposes of paragraph (d) of the definition of disposition of property in subsection (1), a debt or interest in property shall be deemed to have been released or surrendered when it has become irrecoverable or unenforceable by action or other process through lapse of time, but if the amount of any such debt or interest so released or surrendered is subsequently liquidated in whole or in part by the debtor to the creditor, the amount of such liquidation payment shall not for any purposes of this Act be deemed to be a disposition of property or a gift.