Document ID: chunk:federal_register_of_legislation:F2017L00222:body:0:p2
Version: federal_register_of_legislation:F2017L00222
Segment Type: other
Provision Reference: 
Character Range: 2693–5537

or trust; or
 (b) a specified percentage, lower than 100%, is the asset attribution percentage, or income attribution percentage, of an attributable stakeholder of a company or trust.

Part 2 Determination that individual is not attributable stakeholder

5 Purpose
  This Part sets out decision-making principles with which the Secretary must comply in making a determination, under paragraph 1207X (1) (a) or (2) (c) of the Act, that an individual is not an attributable stakeholder of a company or trust.
6 Application
 (1) This Part applies if, but for a determination by the Secretary, the individual would be an attributable stakeholder of the company or trust.
 (2) The Secretary must consider the relationship between the individual and the company or trust having regard to:
 (a) the reason why, but for a determination, the individual would be an attributable stakeholder; and
 (b) the circumstances mentioned in this Part.
 (3) In particular, the Secretary must consider whether the effect of one or more of the circumstances mentioned in this Part, in relation to the individual and the company or trust, provides a sufficient basis on which to determine that the individual is not an attributable stakeholder of the company or trust.
7 Circumstances affecting relationship with company or trust
 (1) The Secretary must consider whether there are relevant circumstances that make it inappropriate for the individual to be an attributable stakeholder of the company or trust.
 (2) For subsection (1), relevant circumstances include the extent to which the relationship between the individual and the company or trust is affected by any of the following circumstances:
 (a) circumstances arising from the legal structure of the company or trust;
 (b) circumstances arising from the administrative arrangements of the company or trust;
 (c) whether, having regard to the relationship between the individual and the company or trust, the individual can reasonably be expected to exercise effective control in relation to the company or trust.

8 Contribution to company or trust
  If the individual has made a contribution to the company or trust, the Secretary must consider the circumstances in which the contribution was made and, in particular:
 (a) the value of the contribution; and
 (b) the proportion that the value of the contribution has to the total assets of the company or trust at the time of the contribution; and
 (c) the effect of the contribution on the financial position of the company or trust; and
 (d) if the individual received consideration for the contribution, the amount of consideration.
9 Past benefit from distributions by company or trust
 (1) The Secretary must consider whether the individual has received a benefit from a distribution made by the company or trust.
 (2) If an individual has received a