Social Security (Attribution of Income) Principles 2017 (Cth)

Social Security (Attribution of Income) 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 about excluded income (Act s 1207Y) Division 2.1 No double counting — both members of couple are attributable stakeholders of company or trust 5 Application of Division 2.1 6 Sum of distributions is the same as sum of attributable income 7 Sum of distributions is less than sum of attributable income 8 Sum of distributions is greater than sum of attributable income

Division 2.2 No double counting — one member of couple is not attributable stakeholder 9 Distribution made to partner who is not attributable stakeholder Division 2.3 Investor makes genuine transfer and receives distribution or credit 10 Application of Division 2.3 11 Genuine transfer of capital 12 Excluded income Part 3 Determination about excluded income (Act s 1207Z) Division 3.1 No double counting of attributed income — general 13 No double counting of attributed income — general 14 No double counting if ordinary income significantly diminished Division 3.2 Distributions by companies 15 No double counting of attributed income — distribution by company to all attributable stakeholders 16 No double counting of attributed income — other distributions by a company Division 3.3 Distributions by trusts 17 No double counting of attributed income — distribution by trust to all attributable stakeholders 18 No double counting of attributed income — other distributions by trust Part 4 Determination of derivation period (Act s 1208C) 19 Derivation period must reflect typical income Part 5 Determination of attribution period (Act s 1208D) 20 Attribution period must reflect typical circumstances