Social Security Act 1991

If:

an individual has transferred property to a company or trust before 1 January 2002; and

the transfer amounts to a disposal by the individual of ordinary income of the individual; and

apart from this section, under Division 3 of Part 3.10, as a result of the disposition referred to in paragraph (b), a particular amount is included in the individual’s ordinary income; and

the individual is an attributable stakeholder of the company or trust on 1 January 2002;

in a case where the individual’s income attribution percentage is 100%—Division 3 of Part 3.10 has effect on or after 1 January 2002, in relation to the disposal of the income referred to in paragraph (b), as if the amount of the disposition were nil; or

in a case where the individual’s income attribution percentage is less than 100%—Division 3 of Part 3.10 has effect on and after 1 January 2002, in relation to the disposal of the income referred to in paragraph (b), as if the amount of the disposition were reduced by:

the individual’s income attribution percentage as at 1 January 2002; or

if a higher percentage is specified in the determination—that higher percentage.

A determination under subsection (1) has effect accordingly.

In making a determination under subsection (1), the Secretary must comply with any relevant decision‑making principles.