Commonwealth Consolidated Acts

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SOCIAL SECURITY ACT 1991 - SECT 1208Y

When asset is controlled by an individual

             (1)  For the purposes of this Division, an asset is controlled by an individual if, and only if:

                     (a)  all of the following conditions are satisfied:

                              (i)  the asset is owned by a company;

                             (ii)  the company is a controlled private company in relation to the individual;

                            (iii)  no determination is in force under subsection (2) in relation to the asset and the individual; or

                     (b)  all of the following conditions are satisfied:

                              (i)  the asset is owned by a trust;

                             (ii)  the trust is a controlled private trust in relation to the individual;

                            (iii)  no determination is in force under subsection (2) in relation to the asset and the individual; or

                     (c)  both:

                              (i)  the asset is owned by a business partnership; and

                             (ii)  the individual is a partner in the partnership.

             (2)  If the asset is owned by a company or trust, the Secretary may, by writing, determine that, for the purposes of this Division, the asset is taken not to be controlled by the individual.

             (3)  In making a determination under subsection (2), the Secretary must comply with any relevant decision-making principles.



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