Social Security Act 1991
Sections and provisions with full text and the judgments that cite each one.
Section 1206W — Rounding of amounts
Amounts worked out under this Part must be rounded to the nearest cent (rounding 0.5 cent upwards).
Section 1207 — Simplified outline
The following is a simplified outline of this Part: • This Part sets up a system for the attribution to individuals of the assets and income of private companies and private trusts (sections 1207Y…
Section 1207A — Definitions
In this Part, unless the contrary intention appears: actively involved with a primary production enterprise has the meaning given by section 1207J. actual transfer, in relation to property or…
Section 1207B — Relatives
(1) For the purposes of this Part, a relative, in relation to a person (the first person), means any of the following: (a) the spouse of the first person; (b) a parent, grandparent, brother, sister,…
Section 1207C — Associates
(1) For the purposes of this Part, in determining: (a) whether a trust is a designated private trust; or (b) whether a company is a controlled private company in relation to an individual; or (c)…
Section 1207D — When a company is sufficiently influenced by an entity
For the purposes of this Part, a company is sufficiently influenced by an entity or entities if the company, or its directors: (a) are accustomed or under an obligation (whether formal or informal);…
Section 1207E — Majority voting interest in a company
For the purposes of this Part, an entity or entities hold a majority voting interest in a company if the entity or entities are in a position to cast, or control the casting of, more than 50% of the…
Section 1207F — Entitled to acquire
For the purposes of this Part, an entity is entitled to acquire anything that the entity is absolutely or contingently entitled to acquire, whether because of any constituent document of a company,…
Section 1207G — Transfer of property or services
(1) A reference in this Part to the transfer of property or services to a trust includes a reference to the transfer of such property or services by way of the creation of the trust. (2) For the…
Section 1207H — Constructive transfers of property or services to an entity
(1) For the purposes of this Part, if an entity (the prime entity) causes another entity to actually transfer property or services to a third entity, the prime entity is taken to have transferred the…
Section 1207J — Active involvement with a primary production enterprise
For the purposes of this Part, an individual is taken to have been actively involved with a primary production enterprise if, and only if, the individual: (a) has contributed a significant part of…
Section 1207K — Power to veto decisions of a trustee
For the purposes of this Part, if the decisions of a trustee are subject to the consent of an entity, the entity is taken to be able to veto the decisions of the trustee.
Section 1207L — Extra-territorial operation
(1) This Part extends to acts, omissions, matters and things outside Australia. (2) Disregard subsection (1) in determining whether a provision of this Act (other than this Part) extends to acts,…
Section 1207M — Application to things happening before commencement
The use of the present tense in a provision of this Part does not imply that the provision does not apply to things happening before the commencement of this Part.
Section 1207N — Designated private companies
(1) For the purposes of this Part, a company is a designated private company at a particular time if: (a) the company satisfies at least 2 of the following conditions in relation to the last…
Section 1207P — Designated private trusts
(1) For the purposes of this Part, a trust is a designated private trust unless: (a) all of the following conditions are satisfied: (i) the trust is a fixed trust; (ii) the units in the trust are…
Section 1207Q — Controlled private companies
(1) For the purposes of this Part, a company is a controlled private company in relation to an individual if the company is a designated private company and: (a) the individual passes the control…
Section 1207R — Direct voting interest in a company
(1) An entity holds a direct voting interest in a company at a particular time equal to the percentage of the voting power in the company that the entity is in a position to control at that time. (2)…
Section 1207S — Voting power
(1) A reference in this Division to the voting power in a company is a reference to the total rights of shareholders to vote, or participate in any decision-making, concerning any of the following:…
Section 1207T — Direct control interest in a company
(1) An entity holds a direct control interest in a company at a particular time equal to the percentage of the total paid-up share capital of the company in which the entity holds an interest at that…
Section 1207U — Interest in a share
(1) This section applies for the purpose of working out the percentage of a company’s total paid-up share capital in which an entity holds an interest. (2) Subject to this section, for the purposes…
Section 1207V — Controlled private trusts
(1) For the purposes of this Part, a trust is a controlled private trust in relation to an individual if the trust is a designated private trust and: (a) the individual passes the control test set…
Section 1207W — Interest in a trust
(1) For the purposes of this Division, if an entity: (a) has entered into a contract to purchase a beneficial interest in the corpus or income of a trust; or (b) has a right, otherwise than by reason…
Section 1207X — 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…
Section 1207Y — Attribution of income
(1) For the purposes of this Act, if: (a) during a particular derivation period of a company or trust, the company or trust derives an amount that is ordinary income; and (b) an individual is an…
Section 1207Z — No double counting of attributed income
(1) If: (a) a company makes a distribution of capital or profits of the company to a particular shareholder of the company; and (b) the shareholder is an individual; and (c) the individual is an…
Section 1208 — Ordinary income of a company or trust
(1) For the purposes of this Division, the ordinary income of a company or trust is to be worked out as if: (a) exempt lump sums were not excluded from the definition of ordinary income in subsection…
Section 1208A — Ordinary income from a business—treatment of trading stock
(1) For the purposes of this Division, if: (a) a company or trust carries on a business; and (b) the value of all the trading stock on hand at the end of a derivation period is greater than the value…
Section 1208B — Permissible reductions of business and investment income
(1) For the purposes of this Division, if a company or trust carries on a business or holds an investment, the company’s or trust’s ordinary income from the business or investment is to be reduced…
Section 1208C — Derivation periods
(1) For the purposes of this Part: (a) if a company or trust was in existence throughout a tax year of the company or trust—the tax year is a derivation period of the company or trust; and (b) if a…
Section 1208D — Attribution periods
(1) The Secretary may, by writing, determine that, in the event that a specified individual is an attributable stakeholder of a specified company or trust at a specified time (the start time): (a) a…
Section 1208E — Attribution of assets
(1) For the purposes of this Act, if: (a) an individual is an attributable stakeholder of a company or trust at a particular time on or after 1 January 2002; and (b) at that time, the company or…
Section 1208F — When attributed asset is unrealisable
(1) For the purposes of this Act, if: (a) an individual is an attributable stakeholder of a company or trust at a particular time on or after 1 January 2002; and (b) at that time, the company or…
Section 1208G — Effect of charge or encumbrance on value of assets
Charge or encumbrance relating to a single asset (1) For the purposes of the application of this Division (other than this section) to a particular individual and a particular company or trust, if:…
Section 1208H — Effect of unsecured loan on value of assets
(1) For the purposes of the application of this Division to a particular individual and a particular company or trust, if: (a) the company or trust is the borrower under a loan; and (b) the loan is…
Section 1208J — Value of company’s or trust’s assets etc.
(1) For the purposes of this Division, the value of a company’s or trust’s assets, or of a charge or encumbrance on such assets, is to be worked out as if: (a) each reference in sections 11 and 11A…
Section 1208K — Individual disposes of asset to company or trust
(1) If: (a) an individual transfers property to a company or trust on or after 1 January 2002; and (b) either: (i) as a result of the transfer, the individual became an attributable stakeholder of…
Section 1208L — Disposal of asset by company or trust
(1) If: (a) an individual is an attributable stakeholder of a company or trust; and (b) the company or trust disposes of an asset of the company or trust; Division 2 of Part 3.12 and sections 93U,…
Section 1208M — Individual ceases to be an attributable stakeholder of a company or trust
If: (a) an individual ceases to be an attributable stakeholder of a company or trust on or after 1 January 2002; and (b) immediately before the cessation, the company or trust owned a particular…
Section 1208N — Individual disposes of asset to company or trust before 1 January 2002—individual 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)…
Section 1208P — 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)…
Section 1208Q — Individual disposes of ordinary income to company or trust
(1) If: (a) an individual transfers property to a company or trust on or after 1 January 2002; and (b) either: (i) as a result of the transfer, the individual became an attributable stakeholder of…
Section 1208R — Disposal of income by company or trust
(1) If: (a) an individual is an attributable stakeholder of a company or trust; and (b) the company or trust disposes of ordinary income of the company or trust; and (c) if that income had been…
Section 1208S — Individual disposes of income to company or trust before 1 January 2002—individual 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 ordinary income of the individual; and…
Section 1208T — Individual disposes of income 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 ordinary income of the individual; and…
Section 1208U — Concessional primary production trusts
(1) For the purposes of this Part, a trust is a concessional primary production trust in relation to an individual at a particular time (the test time), if: (a) at the test time, the trust is a…
Section 1208V — Individual ceases to be an attributable stakeholder of trust—receipt of remuneration or other benefits from trust during asset deprivation period
(1) For the purposes of this section, if: (a) an individual ceases to be an attributable stakeholder of a trust on or after 1 January 2002; and (b) immediately after the cessation, the trust was a…
Section 1208W — Net value of asset
(1) For the purposes of this Division, the net value of an asset is the value of the asset, without any reduction other than a reduction under subsection (2). (2) The Secretary may, by writing,…
Section 1208X — Value of entity’s assets
For the purposes of this Division, the value of an entity’s assets is to be worked out as if: (a) each reference in sections 11 and 11A to a person included a reference to an entity; and (b) Division…
Section 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…