Document ID: chunk:federal_register_of_legislation:F2015L00068:front:0:p26
Version: federal_register_of_legislation:F2015L00068
Segment Type: other
Provision Reference: 
Character Range: 67447–70414

of attributable income

 8Sum of distributions is greater than sum of attributable income

Division 2.2 No double counting — one member of couple is not attributable stakeholder
 9Distribution made to partner who is not attributable stakeholder

Division 2.3 Investor makes genuine transfer and receives distribution or credit
 10Application of Division 2.3

 11Genuine transfer of capital

 12Excluded income

Part 3 Determination about excluded income (Act s 52ZZL)

Division 3.1 No double counting of attributed income — general
 13No double counting of attributed income — general

 14No double counting if ordinary income significantly diminished

Division 3.2 Distributions by companies
 15No double counting of attributed income — distribution by company to all attributable stakeholders

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

Division 3.3 Distributions by trusts
 17No double counting of attributed income — distribution by trust to all attributable stakeholders

 18No double counting of attributed income — other distributions by trust

Part 4 Determination of derivation period (Act s 52ZZP)

 19Derivation period must reflect typical income

Part 5 Determination of attribution period (Act s 52ZZQ)

 20Attribution period must reflect typical circumstances
Part 1 Preliminary

1 Name of Principles

  These Principles are the Veterans' Entitlements (Attribution of Income) Principles 2002.

2 Commencement

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

3 Definitions

  In these Principles:
Act means the Veterans' Entitlements Act 1986.
attributable income, in relation to an individual who is an attributable stakeholder of a company or trust, means income that the individual is taken to receive during an attribution period of the company or trust.
distribution, in relation to a trust, includes an amount credited by a trust to a beneficiary of the trust.

4 Purpose

  These Principles set out decision-making principles with which the  Commission must comply in making the following determinations:
 (a) a determination under subsection 52ZZK (2) of the Act that, for the purposes of the application of subsection 52ZZK (1) of the Act to a specified individual and a specified company or trust, a specified amount is excluded income;
 (b) a determination under section 52ZZL of the Act that the ordinary income of an individual does not include the amount or value of a distribution, or a part of the amount or value of a distribution, to the individual by a company or trust;
 (c) a determination under section 52ZZP of the Act that a specified period is a derivation period of a company or trust for the purposes of the application of Subdivision G of Division 11A of Part 111B of the Act to a specified individual and to a specified company or trust;
 (d) a determination under section 52ZZQ of the Act that a specified