Document ID: chunk:federal_register_of_legislation:C2024C00866:section:52zzzg:p1
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 52ZZZG (pt 1/2)
Character Range: 924560–927207

52ZZZG  Individual ceases to be an attributable stakeholder of a trust—receipt of remuneration or other benefits from trust during asset deprivation period
 (1) For the purposes of this section, if:
 (a) an individual ceases to be an attributable stakeholder of a trust on or after 1 January 2002; and
 (b) immediately after the cessation, the trust was a concessional primary production trust in relation to the individual; and
 (c) under section 52ZZY, as a result of the cessation, Subdivision BA or BB of Division 11 has effect as if the individual had disposed of an asset of the individual; and
 (d) under Subdivision BA or BB of Division 11, as a result of the disposition, a particular amount is included in the value of the individual's assets for the period of 5 years that starts on the day on which the disposition took place;
then:
 (e) the period referred to in paragraph (d) is the asset deprivation period in relation to the individual and the trust; and
 (f) throughout the asset deprivation period, the trust is a special primary production trust of the individual; and
 (g) each one of the 5 years that constitutes the asset deprivation period is an asset deprivation year in relation to the individual and the trust.
 (2) If:
 (a) a trust (the first trust) is a special primary production trust in relation to an individual; and
 (b) the individual and/or the individual's spouse received one or more benefits (the first benefits) from the trust during a period that is an asset deprivation year (the first asset deprivation year) in relation to the individual and the trust;
subparagraph 52ZZZF(1)(n)(ii) does not apply to the first benefits, so long as the sum of the following amounts is less than the amount specified in clause 38N of Schedule 1 to the A New Tax System (Family Assistance) Act 1999 (subject to any indexation under Schedule 4 to that Act):
 (c) the total of the amount or value of the first benefits;
 (d) if:
 (i) another trust is a special primary production trust in relation to the individual; and
 (ii) the asset deprivation period in relation to the individual and that other trust overlaps, in whole or in part, the first asset deprivation year; and
 (iii) the individual and/or the individual's spouse received one or more benefits (the second benefits) from that other trust during the period of the overlap;
  the total of the amount or value of the second benefits;
 (e) if:
 (i) another trust is a special primary production trust in relation to the individual's spouse; and
 (ii) the asset deprivation period in relation to the individual's spouse and that other trust overlaps, in whole or in