Document ID: chunk:federal_register_of_legislation:C2005C00508:clause:2_52zzj
Version: federal_register_of_legislation:C2005C00508
Segment Type: clause
Provision Reference: sch 2 cl 52ZZJ
Character Range: 143904–146102

52ZZJ  Attributable stakeholder, asset attribution percentage and income attribution percentage

Company

 (1) For the purposes of this Division, if a company is a controlled private company in relation to an individual:
 (a) the individual is an attributable stakeholder of the company unless the Commission otherwise determines; and
 (b) if the individual is an attributable stakeholder of the company—the individual's asset attribution percentage in relation to the company is:
 (i) 100%; or
 (ii) if the Commission determines a lower percentage in relation to the individual and the company—that lower percentage; and
 (c) if the individual is an attributable stakeholder of the company—the individual's income attribution percentage in relation to the company is:
 (i) 100%; or
 (ii) if the Commission determines a lower percentage in relation to the individual and the company—that lower percentage.

Trust

 (2) For the purposes of this Division, if:
 (a) a trust is a controlled private trust in relation to an individual; and
 (b) the trust is not a concessional primary production trust in relation to the individual (see section 52ZZZF);
then:
 (c) the individual is an attributable stakeholder of the trust unless the Commission otherwise determines; and
 (d) if the individual is an attributable stakeholder of the trust—the individual's asset attribution percentage in relation to the trust is:
 (i) 100%; or
 (ii) if the Commission determines a lower percentage in relation to the individual and the trust—that lower percentage; and
 (e) if the individual is an attributable stakeholder of the trust—the individual's income attribution percentage in relation to the trust is:
 (i) 100%; or
 (ii) if the Commission determines a lower percentage in relation to the individual and the trust—that lower percentage.

Determinations

 (3) A determination under this section is to be in writing.

 (4) A determination under this section has effect accordingly.

 (5) In making a determination under this section, the Commission must comply with any relevant decision‑making principles.

Subdivision G—Attribution of income of controlled private companies and controlled private trusts