Income Tax Act 2007 section 370

Receipts of value by or from connected persons

Section 370 extends the meaning of "the investor" and "the CDFI" in the value received provisions (sections 363 to 369) to include persons connected with them during the relevant six-year period.

• References to "the investor" or "the CDFI" in sections 363 to 369 are broadened to include connected persons
• A connected person is anyone connected with the investor or the CDFI at any time during the six-year period relating to the investment
• The connection does not need to exist at the specific time the receipt of value occurs — it is sufficient that it existed at some point within the six-year period
• This extension applies only where the context permits, ensuring it does not produce nonsensical results in particular provisions