Document ID: chunk:federal_register_of_legislation:C2005C00508:clause:2_52zzz
Version: federal_register_of_legislation:C2005C00508
Segment Type: clause
Provision Reference: sch 2 cl 52ZZZ
Character Range: 169602–171528

52ZZZ  Individual disposes of asset to company or trust before 1 January 2002—individual is attributable stakeholder

 (1) If:
 (a) an individual has transferred property to a company or trust before 1 January 2002; and
 (b) the transfer amounts to a disposal by the individual of an asset of the individual; and
 (c) apart from this section:
 (i) under Subdivision B of Division 11, as a result of the disposition, a particular amount is included in the value of the individual's assets for the period of 5 years that starts on the day on which the disposition took place; and
 (ii) that 5‑year period ends after 1 January 2002; and
 (d) the individual is an attributable stakeholder of the company or trust on 1 January 2002;
the Commission may, by writing, determine that:
 (e) in a case where the individual's asset attribution percentage is 100%—Subdivision B of Division 11 and section 45UT have effect, in relation to the disposal of the asset referred to in paragraph (b), as if a reference in that Subdivision or those sections to the period of 5 years that starts on the day on which the disposition took place were a reference to the period:
 (i) beginning on the day on which the disposition took place; and
 (ii) ending immediately before 1 January 2002; or
 (f) in a case where the individual's asset attribution percentage is less than 100%—Subdivision B of Division 11 and section 45UT have effect on and after 1 January 2002, in relation to the disposal of the asset referred to in paragraph (b), as if the amount of the disposition were reduced by:
 (i) the individual's asset attribution percentage as at 1 January 2002; or
 (ii) if a higher percentage is specified in the determination—that higher percentage.

 (2) A determination under subsection (1) has effect accordingly.

 (3) In making a determination under subsection (1), the Commission must comply with any relevant decision‑making principles.