Indirect Tax Legislation Amendment Act 2000 (92 of 2000)

Schedule 7   Joint ventures

Income Tax Assessment Act 1997

30   Subsection 995-1(1)


non-entity joint venture means an arrangement that the Commissioner is satisfied is a contractual arrangement:

(a) under which 2 or more parties undertake an economic activity that is subject to the joint control of the parties; and

(b) that is entered into to obtain individual benefits for the parties, in the form of a share of the output of the arrangement rather than joint or collective profits for all the parties.