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Published: 24 August, 2010
Pages: 25

Introduction

The Income Tax Act contains many provisions which deal with transactions between associated persons. The presumption is that such transactions are more than likely not to be on an arm’s length basis. The aim of the associated persons rules is to counter the non-arms length actions of associates by imputing the status or actions of an associated person to the person in question or requiring a market value to be used.

The purpose of this paper is to explore the associated persons rules as they apply to land developers and investors and to focus on areas advisers need to be aware of. The paper also considers some land ownership options such as joint ventures. The paper does not deal with GST.