Glossary

A nested services relationship means a relationship that involves the provision of a designated service by a reporting entity that’s a remitter, virtual asset service provider or financial institution to a customer that’s a remitter, virtual asset service provider or financial institution where the:

• reporting entity provides the designated service at or through a permanent establishment in one country
• customer uses the designated service to provide services to its own customers at or through a permanent establishment in another country
• the relationship is not a correspondent banking relationship

An occasional transaction means the provision of a designated service by a reporting entity to a customer other than as part of an ongoing business relationship.

This means that the relationship doesn’t have, or could reasonably not be expected to have, an element of duration. 

A partnership is an association of persons (other than a company or limited partnership) carrying on business as partners or in receipt of ordinary income or statutory income jointly, or a limited partnership. It has the same meaning as in the Income Tax Assessment Act 1997.