Source: http://clik.dva.gov.au/compensation-and-support-reference-library/departmental-instructions/1994/b551994-replacement-attachment-pages-trusts-and-private-company-assessment-procedures-di-b5194
Timestamp: 2018-11-17 00:03:15
Document Index: 407986254

Matched Legal Cases: ['art 2', 'art 2', 'art 3', 'art 4', 'art 5', 'art 5']

﻿ B55/1994 REPLACEMENT ATTACHMENT PAGES TO THE TRUSTS AND PRIVATE COMPANY ASSESSMENT PROCEDURES DI-B51/94 | Compensation and Support Reference Library, Departmental Instructions, 1994
DATE OF ISSUE: 18 NOVEMBER 1994
REPLACEMENT ATTACHMENT PAGES TO THE TRUSTS AND PRIVATE COMPANY ASSESSMENT PROCEDURES DI-B51/94
Note: Could you please replace the attachment pages of the "Trusts and Private Company Assessment Procedures" Departmental Instruction-B51/94 distributed on 2 November 1994, with the Attachment pages that are attached.
Name: ............................................................................ File No:........................
Note - please provide details for all associated entities, including non trading corporate trustees.
Name of private company or family trust
Typeeg Class A,B,C
Current loans TO company/
trust - (name of lender, balance of loan, interest rate)
(name of debtor, balance of debt, interest rate)
Name(s) of Associated
private co (ies) &/or trusts
Date ......./......./.......
The information provided on this form is required to assess cases where there is a trust or private company. The information is not usually disclosed.
File Name:File Number:
The Trust known as ................................................................................. is structured in the following fashion according to the Trust Deed at folio .....
and the information provided at folio ..... .
Trustee: ........................................
Is Trustee a Private Company Yes/No
Income Discretionary/Non-discretionary
Assets — Discretionary/Non-discretionary
Is the vet/partner the only beneficiary? Yes/No
If trust is discretionary, is there a Contingent
Interest? If trust is a Contingent Interest we
cannot hold assets in vet/sps assessment.Yes/No
Is vet employed by the trust?Yes/No
Is partner employed by the trust?Yes/No
Is there a history of Capital payments
or distributions?Yes/No
Gifts/Loans by Vet/partner to trust:Yes/No
If "Yes" what are the amounts and dates of the gift/loans.
Deeming/Deprivation
Gift/Loan
(NB. Loans made after 21.8.90 will attract "Deeming".)
Is there a loan account from the trust
to the vet/partner?Yes/No
Is this account increasing due to payment by
the trust of private expenses? (If "yes" hold as
income.)Yes/No
Comments:.............................................................................................................................................................................................................................................................................................................................................................................................
Examiner — Verified by Delegate
Date: / / Next Review due / /
The Private Company known as ................................................................................. is structured in the following fashion according to the Memorandum and Articles of Association at folio ....... and information provided at folio ....... .
Director/s:.............................................................................................................................................Details of Shares
Type (A,B etc)
Details of Shares held by Pensioners
Is vet employed by the company?Yes/No — Folio ........
Is partner employed by the company?Yes/No — Folio ........
or distributions?Yes/No — Folio ........
Gifts/Loans by Vet/partner to the company:Yes/No — Folio ........
Name Type Amount Date Deeming/Deprivation Folio
Is there a loan account from the company
to the vet/partner?Yes/No — Folio .......
the company of private expenses?Yes/No — Folio .......
Do the pensioner/s have the benefit of using company
assets or does the company pay private expenses?Yes/No — Folio .......
(If "yes" further investigation is required.)
Is the pensioner/s principal residence owned by the company?Yes/No — Folio .......
Is there "Security of Tenure"?Yes/No — Folio .......
Is there a Super Fund for the pensioner/s — Yes/No — Folio .......
(If "yes" please note details in comments field.)
Are there any subsidiary or associated companies
or trusts? (If "yes" fill in a separate Profile for each.)Yes/No — Folio .......
Does the company own real estate?Yes/No — Folio .......
(If "yes", AVO valuation required. If already obtained see folio ........)
Examiner Verified by Delegate
Family Trust Check List
Client's Name ..............................................................................File Number
Documentation Required for each Trust
Trust Name.....................................................
Required Folio (s)
?Trust Deeds — Y — N
?Income Tax Return (each year being reviewed)Y — N
?Balance Sheet — Y — N
?Profit and Loss Account — Y — N
?Depreciation Schedule — Y — N
?Beneficiaries' Loan Account — Y — N
?Distribution Statements — Y — N
?Personal Income Tax Return — Y — N
*Note if the trustee is a private company then documentation will be required as per private companies check-list
If Real Estate held by trust
Required — Folio (s)
?Rural Property Questionnaire Y — N
?Council Rate Notice — Y — N
?AVO valuation on file — Y — N
?AVO valuation requested — Y — N
Comments _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Signature ______________________________________________________ Date ____/____/____
Private Company Check List
Client's Name .........................................................File Number ..........
Documentation Required for each Company
Company Name..................................................................................
? Memorandum and Articles of Association — Y — N
? Company Income Tax Return (all years being reviewed)Y — N
? Directors' Report — Y — N
? Balance Sheet — Y — N
? Profit and Loss Account — Y — N
? Depreciation Schedule — Y — N
? Shareholders' Loan Accounts — Y — N
? Schedule of current shareholders — Y — N
(Including number of shares issued, number of shares held and their rights)
? Statement of Sources and application of funds document — Y — N
? Personal Income Tax Return — Y — N
If Real Estate held by company
?AVO valuation on file — Y — N...
Signature _________________________________________________________Date ___/___/___
Private Company Calculation Sheet
Name ...............................................................................................File Number:............
Name of Company ......................................................................................
(If more than one company, use a separate sheet.)
Using the "Net Asset Backing Method" to calculate the value of a private company share, the following information is required from the latest Income Tax Return and AVO valuation.
(A)Total Assets$____________(Folio .....)
(B)Total Liabilities (including Par
Value shares)$____________(Folio .....)
(C)Number of shares issued with
rights to capital upon wind-up
as per the Memorandum and
Articles of Association $_____________(Folio .....)
(D)Number of shares held by
veteran and/or partner with
rights to capital upon wind-up — _____________(Folio .....)
(E)Dividend and/or income paid — _____________(Folio .....)
(F)Number of shares entitled to
receive dividends _____________(Folio .....)
(G)Number of shares held by
veteran and/or partner entitled
to receive dividends _____________(Folio .....)
Total Assets:$
Less Liabilities:$____________
Divided by the number of shares with
rights to capital upon wind-up — _____________
Equals(H)$per share
NB. You must use the actual value for assets not book value. If company owns property, valuations must be obtained. If Written Down values for plant and machinery appear low, ask for "Market Values".
For assessment purposes we insert the value and number of shares held on the "Other Shares" screen. ie.
(D) x (H)= Asset value
Income is calculated by dividing the dividend paid by the number of shares entitled to participate in the receipt of any dividend.
(E) __________ x (G) .................= ............................. divided by 26
= income per fortnight
....................................... Examiner
ASSESSABLE ASSET CALCULATION SHEET
Name: ................................................................................................................................ File No:
Property Address: ..........................................................................................................
% Ownership:Veteran: %; Partner: %
If Primary Production is the major portion of the venture then figures at "B" to "I" may be shown as a negative value.
Total value of property:(A)$(Folio .....)
Less Value of Home & Curtilage:
(If Principal place of residence)$___________
Value of Pensioner/s assessable asset =(B)$
Go to Part 2 if property is mortgaged. (This does not apply if Primary Production is the major portion of the venture.)
Part 2 (Apportionment of Mortgage)
Total Amount of Mortgage(C)$(Folio .....)
Net Value of Assessable Asset(B) - { (B) x (C) }
$ ________ - { ________ X ________ }
= Net Value of Assessable Asset.(D)$
Go to Part 3 if property not wholly owned by vet and/or partner
(B) or (D) (Whichever is applicable )
X % Ownership divided by 100$_________x_______
Net Value of Assessable Asset (Property)=(E)$
Go to Part 4 if Plant and machinery and/or livestock are included in assessment
a) Plant and Machinery$
Less liabilities$_____________
= Net Asset value(F)$
b) Stock/Livestock$
= Net Asset value(G)$
Go to Part 5 If Plant and Machinery and/or livestock are not wholly owned by vet and/or partner
Part 5 - (Apportionment of Plant and Machinery and Livestock)
a) (F) x % Ownership divided by 100$ ___________ x ___________
= Net value of Plant and Machinery(H)$
b) (G) x % Ownership divided by 100$ ___________x ___________
= Net value of Stock/Livestock(I)$
Net Value of Assessable Asset at (B), (D) or (E) as above$ +/-
Plus Net Asset value of Plant and Machinery at (F) or (H)$ +/-
Plus Net Asset value of Stock/Livestock at (G) or (I)$___________ +/-
TOTAL VALUE OF PROPERTY$
Examiner Date / /
URL: http://clik.dva.gov.au/compensation-and-support-reference-library/departmental-instructions/1994/b551994-replacement-attachment-pages-trusts-and-private-company-assessment-procedures-di-b5194