•       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.