Income Tax Act 2007 section 995

Meaning of "control"

Section 995 defines what "control" means for the purposes of those provisions of the Income Tax Acts that specifically apply this definition.

• Control of a company means the power to ensure its affairs are conducted in accordance with a person's wishes, whether through shareholdings, voting power, or rights conferred by constitutional documents
• The power to control can be exercised directly over the company in question or indirectly through any other body corporate
• Control of a partnership means the right to more than half the assets or more than half the income of the partnership
• This definition only applies where a specific provision of the Income Tax Acts expressly invokes it — it does not apply automatically across all tax legislation