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SOCIAL SECURITY ACT 1991 - SECT 1207

Simplified outline

    The following is a simplified outline of this Part:

  This Part sets up a system for the attribution to individuals of the assets and income of private companies and private trusts (sections   1207Y and 1208E).

  Attribution starts on 1   January 2002.

  For an asset or income to be attributed to an individual:

  (a)   the company must be a designated private company or the trust must be a designated private trust (sections   1207N and 1207P); and

  (b)   the company must be a controlled private company in relation to the individual or the trust must be a controlled private trust in relation to the individual (sections   1207Q and 1207V); and

  (c)   the individual must be an attributable stakeholder of the company or trust (section   1207X).

  A company or trust will be a controlled private trust or a controlled private company if the individual passes a control test or a source test.

  An individual will not be an attributable stakeholder of a trust if the trust is a concessional primary production trust in relation to the individual.

  The asset deprivation rules and the income deprivation rules are modified if attribution happens.



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