Income Tax Act 2007 section 789

Minor definitions

Section 789 provides two supplementary definitions used throughout the chapter on transactions in land.

• The term "company" is given a broad meaning that extends beyond traditional limited companies to include any body corporate.
• The term "share" is defined broadly to include stock as well as ordinary shares.
• These are inclusive definitions, meaning they expand the ordinary meaning of the words rather than replacing it.
• These definitions apply throughout the transactions in land chapter and ensure the anti-avoidance provisions cannot be circumvented by using alternative corporate structures or different classes of security.