Document ID: chunk:federal_register_of_legislation:F2015L00068:front:0:p30
Version: federal_register_of_legislation:F2015L00068
Segment Type: other
Provision Reference: 
Character Range: 77682–80497

would, but for this section, be taken to receive an amount of ordinary income over a period of 12 months in accordance with section 46A of the Act; and
 (c) the ordinary income of the individual derived from the company or trust during an attribution period has ceased, or is significantly diminished, because the company or trust:
 (i) has been wound-up or otherwise ceased to exist; or
 (ii) has been subject to circumstances adversely affecting its profitability.

 (2) For paragraphs 52ZZL (1) (d) and (e) and (2) (d) and (e) of the Act, the Commission must consider:
 (a) whether, in all the circumstances, the application of section 46A of the Act would be unfair or unreasonable in relation to the individual; and
 (b) if section 46A applies unfairly or unreasonably in relation to the individual, determining that the ordinary income of the individual does not include the whole or part of the amount or value distributed to the individual.

Division 3.2 Distributions by companies

15 No double counting of attributed income — distribution by company to all attributable stakeholders

 (1) This section applies if:
 (a) during a particular derivation period of a company, an individual receives a distribution of capital from the company (the distribution); and
 (b) the individual is an attributable stakeholder of the company during an attribution period that corresponds with the derivation period of the company; and
 (c) the distribution made to the attributable stakeholder is part of a distribution to all attributable stakeholders of the company (the total distribution); and
 (d) the proportion that the distribution to each attributable stakeholder bears to the total distribution, expressed as a percentage, is the same as each attributable stakeholder's asset attribution percentage in relation to the company.

 (2) For paragraph 52ZZL (1) (d) of the Act, the Commission must consider determining that the ordinary income of the individual received during the attribution period does not include the distribution if, but for this section, the amount or value of the distribution would be included in the ordinary income of the individual for that period.

 (3) For paragraph 52ZZL (1) (e) of the Act, the Commission must consider determining that the ordinary income of the individual received during the attribution period does not include any part of the amount or value of the distribution if, but for this section, any part of the amount or value of the distribution would be included in the ordinary income of the individual for that period.

16 No double counting of attributed income — other distributions by a company

 (1) This section applies if:
 (a) during a particular derivation period of a company, an individual receives a distribution of capital or profits from the company