Commonwealth Consolidated Acts

SOCIAL SECURITY ACT 1991 - SECT 1208Q

  (1)   If:

  (a)   an individual transfers property to a company or trust on or after 1   January 2002; and

  (b)   either:

  (i)   as a result of the transfer, the individual became an attributable stakeholder of the company or trust; or

  (ii)   at the time of the transfer, the individual was an attributable stakeholder of the company or trust; and

  (c)   the transfer amounts to a disposal by the individual of ordinary income of the individual; and

  (d)   if the ordinary income is income from an asset--the course of conduct that constituted the disposition of the income did not also constitute a disposition of the asset;

the Secretary may, by writing, determine that Division   3 of Part   3.10 applies, and is taken to have applied, to the disposal referred to in paragraph   (c) as if:

  (e)   the amount of the disposition were nil; or

  (f)   the amount of the disposition were reduced by the amount specified in the determination.

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