Section 1208Y — Social Security Act 1991: 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.