Commonwealth Consolidated Acts
[Search this Act]
VETERANS' ENTITLEMENTS ACT 1986 - SECT 52ZN
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
• 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
(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.
AustLII: Copyright Policy