Commonwealth Consolidated Acts

SOCIAL SECURITY ACT 1991 - SECT 1207X

Company

  (1)   For the purposes of this Part, if a company is a controlled private company in relation to an individual:

  (a)   the individual is an attributable stakeholder of the company unless the Secretary otherwise determines; and

  (b)   if the individual is an attributable stakeholder of the company--the individual's asset attribution percentage in relation to the company is:

  (i)   100%; or

  (ii)   if the Secretary determines a lower percentage in relation to the individual and the company--that lower percentage; and

  (c)   if the individual is an attributable stakeholder of the company--the individual's income attribution percentage in relation to the company is:

  (i)   100%; or

  (ii)   if the Secretary determines a lower percentage in relation to the individual and the company--that lower percentage.

Trust

  (2)   For the purposes of this Part, if:

  (a)   a trust is a controlled private trust in relation to an individual; and

  (b)   the trust is not a concessional primary production trust in relation to the individual (see section   1208U);

then:

  (c)   the individual is an attributable stakeholder of the trust unless the Secretary otherwise determines; and

  (d)   if the individual is an attributable stakeholder of the trust--the individual's asset attribution percentage in relation to the trust is:

  (i)   100%; or

  (ii)   if the Secretary determines a lower percentage in relation to the individual and the trust--that lower percentage; and

  (e)   if the individual is an attributable stakeholder of the trust--the individual's income attribution percentage in relation to the trust is:

  (i)   100%; or

  (ii)   if the Secretary determines a lower percentage in relation to the individual and the trust--that lower percentage.

  (2A)   The only attributable stakeholder of a special disability trust is the principal beneficiary of the trust.

Note 1:   For special disability trust , see section   1209L.

Note 2:   For principal beneficiary of a special disability trust, see subsection   1209M(1).

Determinations

  (3)   A determination under this section is to be in writing.

  (4)   A determination under this section has effect accordingly.

  (5)   In making a determination under this section, the Secretary must comply with any relevant decision - making principles.