Document ID: chunk:federal_register_of_legislation:C2025C00162:clause:1a_1208s
Version: federal_register_of_legislation:C2025C00162
Segment Type: clause
Provision Reference: sch 1A cl 1208S
Character Range: 2602567–2604114

1208S  Individual disposes of income to company or trust before 1 January 2002—individual is attributable stakeholder
 (1) If:
 (a) an individual has transferred property to a company or trust before 1 January 2002; and
 (b) the transfer amounts to a disposal by the individual of ordinary income of the individual; and
 (c) apart from this section, under Division 3 of Part 3.10, as a result of the disposition referred to in paragraph (b), a particular amount is included in the individual's ordinary income; and
 (d) the individual is an attributable stakeholder of the company or trust on 1 January 2002;
the Secretary may, by writing, determine that:
 (e) in a case where the individual's income attribution percentage is 100%—Division 3 of Part 3.10 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
 (f) in a case where the individual's income attribution percentage is less than 100%—Division 3 of Part 3.10 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:
 (i) the individual's income attribution percentage as at 1 January 2002; or
 (ii) if a higher percentage is specified in the determination—that higher percentage.
 (2) A determination under subsection (1) has effect accordingly.
 (3) In making a determination under subsection (1), the Secretary must comply with any relevant decision‑making principles.