Income Tax Act 2007 section 716

Meaning of "relevant transfer" and "transfer"

Section 716 defines what counts as a "relevant transfer" and a "transfer" for the purposes of the transfer of assets abroad rules.

• A transfer is a "relevant transfer" if it is a transfer of assets and, as a result, income becomes payable to a person abroad
• The income can arise from the transfer itself, from one or more associated operations, or from a combination of both
• The term "transfer", when used in relation to rights, includes the creation of those rights — not just moving existing rights from one person to another
• The definition of "assets" for these purposes is set out separately in section 717