Document ID: chunk:federal_register_of_legislation:F2015L00068:front:0:p28
Version: federal_register_of_legislation:F2015L00068
Segment Type: other
Provision Reference: 
Character Range: 72634–75418

is greater than the amount of attributable income mentioned in subparagraph 5 (d) (ii).

 (2) The Commission must consider determining that the difference between the amounts referred to in paragraph (1) (b) is excluded income in relation to the attributable income of the individual mentioned in paragraph 5 (c).

8 Sum of distributions is greater than sum of attributable income

 (1) This section applies if:
 (a) the sum of the distributions mentioned in subparagraphs 5 (c) (i) (if any) and 5 (d) (i) is greater than the sum of the attributable income mentioned in subparagraphs 5 (c) (ii) and 5 (d) (ii); but
 (b) the amount of the distribution mentioned in subparagraph 5 (c) (i) (if any) is less than the amount of attributable income mentioned in subparagraph 5 (c) (ii).

 (2) The Commission must consider determining that the difference between the amounts referred to in paragraph (1) (b) is excluded income in relation to the attributable income of the individual mentioned in paragraph 5 (c).

Division 2.2 No double counting — one member of couple is not attributable stakeholder

9 Distribution made to partner who is not attributable stakeholder

 (1) This section applies if, in respect of an individual, the following circumstances exist:
 (a) the individual is a member of a couple;
 (b) the individual is an attributable stakeholder of a company or trust, but the individual's partner is not an attributable stakeholder of the company or trust;
 (c) during a derivation period of the company or trust, the individual:
 (i) may, or may not, receive a distribution from the company or trust; but
 (ii) is taken to receive an amount of attributable income during the attribution period that relates to the derivation period;
 (d) during the derivation period mentioned in paragraph (c), the individual's partner receives a distribution from the company or trust.

 (2) The Commission must consider determining that an amount equal to the amount of the distribution received by the partner is excluded income in relation to the attributable stakeholder.

Division 2.3 Investor makes genuine transfer and receives distribution or credit

10 Application of Division 2.3

  This Division applies if:
 (a) an individual (the investor) makes a genuine transfer of capital to a company or trust of which the investor is not an attributable stakeholder; and
 (b) during a derivation period of the company or trust, the investor receives a distribution from the company or trust.

11 Genuine transfer of capital

  For section 10, a transfer of capital is a genuine transfer of capital if:
 (a) the investor receives, as consideration for the transfer, shares in the company, or units in the trust, of a value that is equivalent to the value of the capital transferred;