Section 1208P — Social Security Act 1991: Individual disposes of asset 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 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’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 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 spouse’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 the spouse’s asset 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.