Document ID: chunk:federal_register_of_legislation:F2015L00068:front:0:p19
Version: federal_register_of_legislation:F2015L00068
Segment Type: other
Provision Reference: 
Character Range: 49798–52593

Commission must consider the relationship between the individual and the company or trust, having regard to the circumstances mentioned in this Part.

 (3) In particular, the Commission 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 a percentage lower than 100% as the asset attribution percentage.

16 Circumstances affecting relationship with company or trust

 (1) The Commission must consider whether there are relevant circumstances that make it inappropriate for the individual to have an asset attribution percentage of 100%.

 (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 and, if so, the extent of that control.

17 Contribution to company or trust

  If the individual has made a contribution to the company or trust, the Commission 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.

18 Past benefit from distributions by company or trust

 (1) The Commission 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 benefit, the Commission must also consider:
 (a) the value of the benefit; and
 (b) if the individual has received a benefit on more than 1 occasion, the frequency with which the individual has received benefits.

 (3) For this section, a distribution includes distributions:
 (a) in the case of a distribution by a company — of the capital or income, or both, of the company; and
 (b) in the case of a distribution by a trust — of the corpus or income, or both, of the trust.

19 Future benefit from distributions by company or trust

 (1) The Commission must consider whether it is reasonably foreseeable that the individual may receive a benefit from a future distribution by the company or trust.