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Social Security (Attribution of Income) Principles 2017

I, FINN PRATT, Secretary of the Department of Social Services, formulate these Principles under section 1209E of the Social Security Act 1991.

Dated 8 March    2017

Finn Pratt
Secretary of the Department of Social Services

Contents

Page
Part 1 Preliminary
 1 Name of Principles
 2 Commencement
 3 Definitions
 4 Purpose
Part 2 Determination about excluded income (Act s 1207Y)
Division 2.1 No double counting — both members of couple are attributable stakeholders of company or trust
 5 Application of Division 2.1
 6 Sum of distributions is the same as sum of attributable income
 7 Sum of distributions is less than sum of attributable income
 8 Sum of distributions is greater than sum of attributable income

Division 2.2 No double counting — one member of couple is not attributable stakeholder
 9 Distribution made to partner who is not attributable stakeholder
Division 2.3 Investor makes genuine transfer and receives distribution or credit
 10 Application of Division 2.3
 11 Genuine transfer of capital
 12 Excluded income
Part 3 Determination about excluded income (Act s 1207Z)
Division 3.1 No double counting of attributed income — general
 13 No double counting of attributed income — general
 14 No double counting if ordinary income significantly diminished
Division 3.2 Distributions by companies
 15 No double counting of attributed income — distribution by company to all attributable stakeholders
 16 No double counting of attributed income — other distributions by a company
Division 3.3 Distributions by trusts
 17 No double counting of attributed income — distribution by trust to all attributable stakeholders
 18 No double counting of attributed income — other distributions by trust
Part 4 Determination of derivation period (Act s 1208C)
 19 Derivation period must reflect typical income
Part 5 Determination of attribution period (Act s 1208D)
 20 Attribution period must reflect typical circumstances

Part 1 Preliminary

1 Name of Principles
  These Principles are the Social Security (Attribution of Income) Principles 2017.
2 Commencement
  These Principles commence on 1 April 2017.
3 Definitions
  In these Principles:
Act means the Social Security Act 1991.
attributable income, in relation to an individual who is an attributable stakeholder of a company or trust, means income that the individual is taken to receive during an attribution period of the company or trust.
distribution, in relation to a trust, includes an amount credited by a trust to a beneficiary of the trust.
4 Purpose
  These Principles set out decision-making principles with which the Secretary must comply in making the following determinations:
 (a) a determination under subsection 1207Y (2) of the Act that, for the purposes of the application of subsection 1207Y (1) of the Act to a specified individual and a specified company or trust,