Document ID: chunk:federal_register_of_legislation:F2015L00068:front:0:p43
Version: federal_register_of_legislation:F2015L00068
Segment Type: other
Provision Reference: 
Character Range: 110286–113343

that the Commission reasonably believes was intended to avoid the operation, or minimise the effect, of Division 11A of Part IIIB of the Act.

 (2) The Commission must consider whether, in all the circumstances, the application of Division 7 of Part IIIB of the Act would be unfair or unreasonable in relation to the individual.

23 Application of Division 7 of Part IIIB of Act where company or trust retains value of transferred property

 (1) This section applies if:
 (a) property is transferred by an individual to a company or trust; and
 (b) before 1 January 2002, the company or trust transferred the property to another individual or other entity in consideration of an arm's length amount; and
 (c) the company or trust retained the amount or value of the consideration.

 (2) The Commission must consider whether, in all the circumstances, the application of Division 7 of Part IIIB of the Act would be unfair or unreasonable in relation to the individual.

Schedule 7
Note: the reference to Schedule 7 is not part of the instrument in Schedule 7.

Veterans' Entitlements (Primary Production Concession) Principles 2001
Instrument 2014 No. R78
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Contents

Page
Part 1 Preliminary

 1Name of Principles

 2Commencement

 3Definitions

 4Purpose of Determination

Part 2 Determination of application of paragraph 52ZZZF (1) (f) of Act

 5Purpose of Part 2

 6Long-term connection with primary production

 7Net income of primary production enterprise

Part 3 Determination of reduction of value of specified asset

 8Purpose of Part 3

 9Liability arising from genuine arms-length transaction

Part 4 Determination that asset is not controlled by individual

 10Purpose of Part 4

 11Is the individual an attributable stakeholder?

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

 12Purpose of Part 5

 13Is the individual an attributable stakeholder?

Part 6 Determination of percentage of net income of primary production enterprise for tax year

 14Purpose of Part 6

 15Is the individual an attributable stakeholder?

Part 1 Preliminary

1 Name of Principles

  These Principles are the Veterans' Entitlements (Primary Production Concession) Principles 2001.

2 Commencement
       These Principles commence when the Veterans' Affairs (Legislative Instrument Re-making Exercise) Instrument 2014 commences.

3 Definitions

  In these Principles, unless the contrary intention appears:
Act means the Veterans' Entitlements Act 1991.
company means a controlled private company.
trust means a controlled private trust.

4 Purpose of Determination

  These Principles set out decision-making principles with which the Commission must comply in making the following determinations:
 (a) a determination under paragraph 52ZZZF (1) (f) of the Act that that paragraph applies to an individual and a trust that is a controlled private trust in relation to the individual;
 (b) a determination under subsection 52ZZZH (2) of the Act that the value of a specified