Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Division, the adjusted net value of an asset owned by an individual is 100% of the net value of the asset.
(2) For the purposes of this Division, the adjusted net value of an asset controlled by an individual is:
(a) if the entity that owns the asset is a company and the company is a controlled private company in relation to the individual:
(i) 100% of the net value of the asset; or
(ii) if the Secretary, by writing, determines a lower percentage in relation to the individual and the asset--that lower percentage of the net value of the asset; or
(b) if the entity that owns the asset is a trust and the trust is a controlled private trust in relation to the individual:
(i) 100% of the net value of the asset; or
(ii) if the Secretary, by writing, determines a lower percentage in relation to the individual and the asset--that lower percentage of the net value of the asset; or
(c) if the entity that owns the asset is a business partnership--the individual's share of the net value of the asset.
(3) In making a determination under this section, the Secretary must comply with any relevant decision - making principles.