Income Tax Act 2007 section 478

References to settled property etc. in regulations

Section 478 ensures that terminology used in regulations made under the Income Tax Acts is interpreted consistently with the definitions established in Chapter 5 of the Act.

• Any regulations made under the Income Tax Acts must use the definitions from this chapter when referring to settled property, settlors or trustees
• A reference to "trustees of a trust" in any such regulations must be read as meaning "trustees of a settlement"
• These interpretation rules apply regardless of when the regulations were made
• The purpose is to ensure consistent use of trust-related terminology across all income tax regulations