Document ID: chunk:federal_register_of_legislation:C2005C00508:clause:1_1208z
Version: federal_register_of_legislation:C2005C00508
Segment Type: clause
Provision Reference: sch 1 cl 1208Z
Character Range: 90362–91564

1208Z  Adjusted net value of asset

 (1) For the purposes of this Division, the adjusted net value of an asset owned by an individual is 100% of the net value of the asset.

 (2) For the purposes of this Division, the adjusted net value of an asset controlled by an individual is:
 (a) if the entity that owns the asset is a company and the company is a controlled private company in relation to the individual:
 (i) 100% of the net value of the asset; or
 (ii) if the Secretary, by writing, determines a lower percentage in relation to the individual and the asset—that lower percentage of the net value of the asset; or
 (b) if the entity that owns the asset is a trust and the trust is a controlled private trust in relation to the individual:
 (i) 100% of the net value of the asset; or
 (ii) if the Secretary, by writing, determines a lower percentage in relation to the individual and the asset—that lower percentage of the net value of the asset; or
 (c) if the entity that owns the asset is a business partnership—the individual's share of the net value of the asset.

 (3) In making a determination under this section, the Secretary must comply with any relevant decision‑making principles.