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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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