Section 1207X — Social Security Act 1991: Attributable stakeholder, asset attribution percentage and income attribution percentage

Company (1) For the purposes of this Part, if a company is a controlled private company in relation to an individual: (a) the individual is an attributable stakeholder of the company unless the Secretary otherwise determines; and (b) if the individual is an attributable stakeholder of the company—the individual’s asset attribution percentage in relation to the company is: (i) 100%; or (ii) if the Secretary determines a lower percentage in relation to the individual and the company—that lower percentage; and (c) if the individual is an attributable stakeholder of the company—the individual’s income attribution percentage in relation to the company is: (i) 100%; or (ii) if the Secretary determines a lower percentage in relation to the individual and the company—that lower percentage. Trust (2) For the purposes of this Part, if: (a) a trust is a controlled private trust in relation to an individual; and (b) the trust is not a concessional primary production trust in relation to the individual (see section 1208U); then: (c) the individual is an attributable stakeholder of the trust unless the Secretary otherwise determines; and (d) if the individual is an attributable stakeholder of the trust—the individual’s asset attribution percentage in relation to the trust is: (i) 100%; or (ii) if the Secretary determines a lower percentage in relation to the individual and the trust—that lower percentage; and (e) if the individual is an attributable stakeholder of the trust—the individual’s income attribution percentage in relation to the trust is: (i) 100%; or (ii) if the Secretary determines a lower percentage in relation to the individual and the trust—that lower percentage. (2A) The only attributable stakeholder of a special disability trust is the principal beneficiary of the trust. Note 1: For special disability trust, see section 1209L. Note 2: For principal beneficiary of a special disability trust, see subsection 1209M(1). Determinations (3) A determination under this section is to be in writing. (4) A determination under this section has effect accordingly. (5) In making a determination under this section, the Secretary must comply with any relevant decision-making principles.