Simplified outline
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:
the company must be a designated private company or the trust must be a designated private trust (sections 52ZZA and 52ZZB); and
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
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.
This Act’s bill:Second reading speech
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