Commonwealth Consolidated Acts

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SOCIAL SECURITY ACT 1991 - SECT 1208T

Individual disposes of income to company or trust before 1 January 2002--individual's spouse 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 ordinary income of the individual; and

                     (c)  apart from this section, under Division 3 of Part 3.10, as a result of the disposition referred to in paragraph (b), a particular amount is included in the individual's ordinary income; and

                     (d)  the individual's spouse 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 spouse's income attribution percentage is 100%--Division 3 of Part 3.10 has effect on or after 1 January 2002, in relation to the disposal of the income referred to in paragraph (b), as if the amount of the disposition were nil; or

                      (f)  in a case where the spouse's income attribution percentage is less than 100%--Division 3 of Part 3.10 has effect on and after 1 January 2002, in relation to the disposal of the income referred to in paragraph (b), as if the amount of the disposition were reduced by the spouse's income attribution percentage as at 1 January 2002.

             (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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