When asset is controlled by an individual
52ZZZJ When asset is controlled by an individual
For the purposes of this Subdivision, 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 Commission may, by writing, determine that, for the purposes of this Subdivision, the asset is taken not to be controlled by the individual.
In making a determination under subsection (2), the Commission must comply with any relevant decision‑making principles.
This Act’s bill:Second reading speech
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