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SOCIAL SECURITY ACT 1991 - SECT 1208N

Individual disposes of asset to company or trust before 1 January 2002--individual is attributable stakeholder

  (1)   If:

  (a)   an individual has transferred property to a company or trust before 1   January 2002; and

  (b)   the transfer amounts to a disposal by the individual of an asset of the individual; and

  (c)   apart from this section:

  (i)   under Division   2 of Part   3.12 or sections   198F to 198MA (inclusive), as a result of the disposition, a particular amount is included in the value of the individual's assets for the period of 5 years that starts on the day on which the disposition took place; and

  (ii)   that 5 - year period ends after 1   January 2002; and

  (d)   the individual is an attributable stakeholder of the company or trust on 1   January 2002;

the Secretary may, by writing, determine that:

  (e)   in a case where the individual's asset attribution percentage is 100%--Division   2 of Part   3.12 and sections   93U, 93UA and 198F to 198MA (inclusive) have effect, in relation to the disposal of the asset referred to in paragraph   (b), as if a reference in that Division or those sections to the period of 5 years that starts on the day on which the disposition took place were a reference to the period:

  (i)   beginning on the day on which the disposition took place; and

  (ii)   ending immediately before 1   January 2002; or

  (f)   in a case where the individual's asset attribution percentage is less than 100%--Division   2 of Part   3.12 and sections   93U, 93UA and 198F to 198MA (inclusive) have effect on and after 1   January 2002, in relation to the disposal of the asset referred to in paragraph   (b), as if the amount of the disposition were reduced by:

  (i)   the individual's asset attribution percentage as at 1   January 2002; or

  (ii)   if a higher percentage is specified in the determination--that higher percentage.

  (2)   A determination under subsection   (1) has effect accordingly.

  (3)   In making a determination under subsection   (1), the Secretary must comply with any relevant decision - making principles.


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