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VETERANS' ENTITLEMENTS ACT 1986 - SECT 52ZZJ

Attributable stakeholder, asset attribution percentage and income attribution percentage

Company

             (1)  For the purposes of this Division, 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 Commission 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 Commission 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 Commission determines a lower percentage in relation to the individual and the company--that lower percentage.

Trust

             (2)  For the purposes of this Division, 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 52ZZZF);

then:

                     (c)  the individual is an attributable stakeholder of the trust unless the Commission 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 Commission 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 Commission 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 52ZZZW.

Note 2:       For principal beneficiary of a special disability trust, see subsection 52ZZZWA(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 Commission must comply with any relevant decision-making principles.



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