Document ID: chunk:federal_register_of_legislation:C2005C00508:clause:2_52zn
Version: federal_register_of_legislation:C2005C00508
Segment Type: clause
Provision Reference: sch 2 cl 52ZN
Character Range: 110751–112027

52ZN  Simplified outline

  The following is a simplified outline of this Division:

         • This Division sets up a system for the attribution to individuals of the assets and income of private companies and private trusts (sections 52ZZK and 52ZZR).
         • Attribution starts on 1 January 2002.
         • For an asset or income to be attributed to an individual:

                (a) the company must be a designated private company or the trust must be a designated private trust (sections 52ZZA and 52ZZB); and
                (b) the company must be a controlled private company in relation to the individual or the trust must be a controlled private trust in relation to the individual (sections 52ZZC and 52ZZH); and
                (c) the individual must be an attributable stakeholder of the company or trust (section 52ZZJ).

         • A company or trust will be a controlled private trust or a controlled private company if the individual passes a control test or a source test.
         • An individual will not be an attributable stakeholder of a trust if the trust is a concessional primary production trust in relation to the individual.
         • The asset deprivation rules and the income deprivation rules are modified if attribution happens.