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VETERANS' ENTITLEMENTS ACT 1986 - SECT 52ZN

Simplified outline

                   The following is a simplified outline of this Division:

•       This Division sets up a system for the attribution to individuals of the assets and income of private companies and private trusts (sections 52ZZK and 52ZZR).

•       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 52ZZA and 52ZZB); 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 52ZZC and 52ZZH); and

               (c)     the individual must be an attributable stakeholder of the company or trust (section 52ZZJ).

•       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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