Individual ceases to be an attributable stakeholder of a company or trust
52ZZY Individual ceases to be an attributable stakeholder of a company or trust
If:
an individual ceases to be an attributable stakeholder of a company or trust on or after 1 January 2002; and
immediately before the cessation, the company or trust owned a particular asset (whether alone or jointly or in common with another entity or entities);
Subdivisions BA and BB of Division 11 and sections 45UT and 45UTA have effect as if:
the individual had disposed of an asset of the individual; and
the amount of the disposition referred to in paragraph (c) were equal to the individual’s asset attribution percentage of the value of the asset referred to in paragraph (b), worked out immediately before the cessation.
This Act’s bill:Second reading speech
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