When asset is controlled by an individual
1208Y When asset is controlled by an individual
For the purposes of this Division, an asset is controlled by an individual if, and only if:
all of the following conditions are satisfied:
the asset is owned by a company;
the company is a controlled private company in relation to the individual;
no determination is in force under subsection (2) in relation to the asset and the individual; or
all of the following conditions are satisfied:
the asset is owned by a trust;
the trust is a controlled private trust in relation to the individual;
no determination is in force under subsection (2) in relation to the asset and the individual; or
both:
the asset is owned by a business partnership; and
the individual is a partner in the partnership.
If the asset is owned by a company or trust, the Secretary may, by writing, determine that, for the purposes of this Division, the asset is taken not to be controlled by the individual.
In making a determination under subsection (2), the Secretary must comply with any relevant decision‑making principles.
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