Income Tax Act 2007 section 717

Meaning of "assets" etc.

Section 717 provides a broad definition of "assets" and explains what is meant by references to assets representing other assets, income or accumulations of income, for the purposes of this Chapter.

• "Assets" is defined broadly to include property or rights of any kind.
• Assets representing other assets, income or accumulations include shares in or obligations of any company to which those items have been transferred.
• The definition also covers obligations of any other person to whom assets, income or accumulations have been transferred.
• The definition is non-exhaustive, meaning other items may also fall within the meaning of "assets" depending on the circumstances.