Section 52ZN — Veterans' Entitlements Act 1986: Simplified outline

The following is a simplified outline of this Division: • This Division sets up a system for the attribution to individuals of the assets and income of private companies and private trusts (sections 52ZZK and 52ZZR). • Attribution starts on 1 January 2002. • For an asset or income to be attributed to an individual: (a) the company must be a designated private company or the trust must be a designated private trust (sections 52ZZA and 52ZZB); and (b) the company must be a controlled private company in relation to the individual or the trust must be a controlled private trust in relation to the individual (sections 52ZZC and 52ZZH); and (c) the individual must be an attributable stakeholder of the company or trust (section 52ZZJ). • A company or trust will be a controlled private trust or a controlled private company if the individual passes a control test or a source test. • An individual will not be an attributable stakeholder of a trust if the trust is a concessional primary production trust in relation to the individual. • The asset deprivation rules and the income deprivation rules are modified if attribution happens.