Social Security (Attributable Stakeholders and Attribution Percentages) Principles 2017 (Cth)

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.