Document ID: chunk:federal_register_of_legislation:F2015L00068:front:0:p47
Version: federal_register_of_legislation:F2015L00068
Segment Type: other
Provision Reference: 
Character Range: 120350–123074

this section:
minor means a person who has not turned 18, but does not include a person (other than a student) who:
 (a) has turned 16; and
 (b) is engaged on a full-time basis in an occupation, including an office, employment, trade, business, profession, vocation or calling.
student means a person who has turned 16, but has not turned 18, who is enrolled in a full-time course of study at a school, college, university or similar educational institution.

Part 4 Determination that asset is not controlled by individual

10 Purpose of Part 4

  This Part sets out decision-making principles with which the Commission must comply in making a determination under subsection 52ZZZJ (2) of the Act that, for the purposes of Subdivision K of Division 11A of Part IIIB of the Act, an asset that is owned by a company that is a controlled private company in relation to an individual, or a trust that is a controlled private trust in relation to an individual, is taken not to be controlled by the individual.

11 Is the individual an attributable stakeholder?

 (1) The Commission must consider whether it is likely that the individual would be considered to be an attributable stakeholder of the company or trust that owns the asset.

 (2) If the asset is owned by a trust that is a concessional primary production trust in relation to the individual, the Commission must consider whether it is likely that, but for the fact that the trust is a concessional primary production trust in relation to the individual, the individual would be considered to be an attributable stakeholder of the trust.

 (3) In considering the matters mentioned in subsections (1) and (2), the Commission must have regard to the decision-making principles set out in Part 2 of the Veterans' Entitlements (Attributable Stakeholders and Attribution Percentages) Principles 2001.

Part 5 Determination of adjusted net value of asset controlled by individual

12 Purpose of Part 5

  This Part sets out decision-making principles with which the Commission must comply in making a determination under subparagraph 52ZZZK (2) (a) (ii) or (b) (ii) of the Act that a specified percentage, lower than 100%, is the adjusted net value of an asset controlled by an individual.

13 Is the individual an attributable stakeholder?

 (1) The Commission must consider whether it is likely that the individual would be considered to be an attributable stakeholder of the company or trust that owns the asset.

 (2) If the asset is owned by a trust that is a concessional primary production trust in relation to the individual, the Commission must consider whether it is likely that, but for the fact that the trust is a concessional primary production trust