Document ID: chunk:federal_register_of_legislation:C2025C00162:clause:1a_1208y
Version: federal_register_of_legislation:C2025C00162
Segment Type: clause
Provision Reference: sch 1A cl 1208Y
Character Range: 2617599–2618728

1208Y  When asset is controlled by an individual
 (1) For the purposes of this Division, an asset is controlled by an individual if, and only if:
 (a) all of the following conditions are satisfied:
 (i) the asset is owned by a company;
 (ii) the company is a controlled private company in relation to the individual;
 (iii) no determination is in force under subsection (2) in relation to the asset and the individual; or
 (b) all of the following conditions are satisfied:
 (i) the asset is owned by a trust;
 (ii) the trust is a controlled private trust in relation to the individual;
 (iii) no determination is in force under subsection (2) in relation to the asset and the individual; or
 (c) both:
 (i) the asset is owned by a business partnership; and
 (ii) the individual is a partner in the partnership.
 (2) If the asset is owned by a company or trust, the Secretary may, by writing, determine that, for the purposes of this Division, the asset is taken not to be controlled by the individual.
 (3) In making a determination under subsection (2), the Secretary must comply with any relevant decision‑making principles.