Document ID: chunk:federal_register_of_legislation:F2017L00222:body:0:p1
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Social Security (Attributable Stakeholders and Attribution Percentages) Principles 2017

I, FINN PRATT, Secretary of the Department of Social Services, formulate these Principles under section 1209E of the Social Security Act 1991.

Dated       8 March  2017

Finn Pratt
Secretary of the Department of Social Services

Contents

Page
Part 1 Preliminary
 1 Name of Principles
 2 Commencement
 3 Definitions
 4 Purpose
Part 2 Determination that individual is not attributable stakeholder
 5 Purpose
 6 Application
 7 Circumstances affecting relationship with company or trust
 8 Contribution to company or trust
 9 Past benefit from distributions by company or trust
 10 Future benefit from distributions by company or trust
 11 Benefit from assets and income of company or trust
 12 Existing attribution to individual

 13 Other circumstances
Part 3 Determination of asset attribution percentage
 14 Purpose
 15 Application
 16 Circumstances affecting relationship with company or trust
 17 Contribution to company or trust
 18 Past benefit from distributions by company or trust
 19 Future benefit from distributions by company or trust
 20 Benefit from assets and income of company or trust
 21 Existing attribution to individual
 22 Other circumstances
Part 4 Determination of income attribution percentage
 23 Purpose
 24 Application
 25 Circumstances affecting relationship with company or trust
 26 Contribution to company or trust
 27 Past benefit from distributions by company or trust
 28 Future benefit from distributions by company or trust
 29 Benefit from assets and income of company or trust
 30 Existing attribution to individual
 31 Other circumstances

Part 1 Preliminary

1 Name of Principles
  These Principles are the Social Security (Attributable Stakeholders and Attribution Percentages) Principles 2017.
2 Commencement
  These Principles commence on 1 April 2017.
3 Definitions
  In these Principles:
Act means the Social Security Act 1991.
company means a controlled private company.
contribution means:
 (a) a transfer of property or services, to a company or trust, at any time, whether before or after 7.30 pm, by standard time in the Australian Capital Territory, on 9 May 2000; and
 (b) any other kind of contribution:
 (i) in the case of a company — to either the capital or income of the company; and
 (ii) in the case of a trust — to either the corpus or income of the trust.
trust means a controlled private trust.
4 Purpose
  These Principles set out decision-making principles with which the Secretary must comply in making a determination, under section 1207X of the Act, that:
 (a) an individual is not an attributable stakeholder of a company 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