Veterans' Entitlements Act 1986

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 7, 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’s spouse is an attributable stakeholder of the company or trust on 1 January 2002;

in a case where the spouse’s income attribution percentage is 100%—Division 7 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 spouse’s income attribution percentage is less than 100%—Division 7 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 spouse’s income attribution percentage as at 1 January 2002.

A determination under subsection (1) has effect accordingly.

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