Income Tax Act 2007 section 809VF

Condition B

Section 809VF sets out Condition B, one of the requirements that must be met for an investment to qualify as a qualifying investment under the remittance basis rules, focusing on the absence of related benefits to any relevant person.

• No relevant person may have obtained, become entitled to, or expect to obtain any related benefit, whether directly or indirectly, in connection with the investment.
• A "benefit" means anything provided that would not normally be available in the ordinary course of business, or that would only be available on less favourable terms — but excludes anything genuinely provided on arm's length commercial terms.
• A benefit is "related" if it is directly or indirectly attributable to the making of the investment (whether arising before or after the investment), or if it is reasonable to assume the benefit would not exist without the investment.
• "Provision" of anything covers money, money's worth, property, capital, goods or services of any kind, and includes any arrangement allowing a person to enjoy or benefit from the thing in question, whether temporarily or permanently.