Commonwealth Consolidated Acts

SOCIAL SECURITY ACT 1991 - SECT 1207Z

  (1)   If:

  (a)   a company makes a distribution of capital or profits of the company to a particular shareholder of the company; and

  (b)   the shareholder is an individual; and

  (c)   the individual is an attributable stakeholder of the company;

the Secretary may, by writing:

  (d)   determine that, for the purposes of this Act, the ordinary income of the individual does not include the amount or value distributed to the individual; or

  (e)   determine that, for the purposes of this Act, the ordinary income of the individual does not include so much of the amount or value distributed to the individual as is specified in the determination.

  (2)   If:

  (a)   a trust:

  (i)   makes a distribution (whether in money or in other property) to a particular beneficiary of the trust; or

  (ii)   credits an amount to a particular beneficiary of the trust; and

  (b)   the beneficiary is an individual; and

  (c)   the individual is an attributable stakeholder of the trust;

the Secretary may, by writing:

  (d)   determine that, for the purposes of this Act, the ordinary income of the individual does not include the amount distributed or credited to the individual; or

  (e)   determine that, for the purposes of this Act, the ordinary income of the individual does not include so much of the amount distributed or credited to the individual as is specified in the determination.

  (3)   In making a determination under this section, the Secretary must comply with any relevant decision - making principles.

  (4)   This section is to be disregarded for the purposes of paragraph   1207Y(1)(d).