Commonwealth Consolidated Acts

SOCIAL SECURITY ACT 1991 - SECT 1208Y

  (1)   For the purposes of this Division, an asset is controlled by an individual if, and only if:

  (a)   all of the following conditions are satisfied:

  (i)   the asset is owned by a company;

  (ii)   the company is a controlled private company in relation to the individual;

  (iii)   no determination is in force under subsection   (2) in relation to the asset and the individual; or

  (b)   all of the following conditions are satisfied:

  (i)   the asset is owned by a trust;

  (ii)   the trust is a controlled private trust in relation to the individual;

  (iii)   no determination is in force under subsection   (2) in relation to the asset and the individual; or

  (c)   both:

  (i)   the asset is owned by a business partnership; and

  (ii)   the individual is a partner in the partnership.

  (2)   If the asset is owned by a company or trust, the Secretary may, by writing, determine that, for the purposes of this Division, the asset is taken not to be controlled by the individual.

  (3)   In making a determination under subsection   (2), the Secretary must comply with any relevant decision - making principles.