Veterans' Entitlements Act 1986

Sections and provisions with full text and the judgments that cite each one.

Section 52ZK — Person withdraws from home equity access scheme

(1) If a person who is participating in the home equity access scheme makes a request to withdraw from the scheme, the scheme ceases to operate in relation to the person on the day on which the…

Section 52ZZK — 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 52ZZZK — Adjusted net value of asset

(1) For the purposes of this Subdivision, the adjusted net value of an asset owned by an individual is 100% of the net value of the asset. (2) For the purposes of this Subdivision, the adjusted net…

Section 52L — Basis for different treatment

This Subdivision’s operation on a special resident depends on: (a) whether the resident is: (i) not a member of a couple; or (ii) a member of an ordinary couple; or (iii) a member of an illness…

Section 52ZL — Registration of charge

(1) If real assets are subject to a charge under section 52ZF, the Commission may lodge a notice in writing of the charge with the appropriate officer of the State or Territory in which the real…

Section 52ZZL — 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 52ZZZL — Adjusted net primary production income

(1) For the purposes of this Subdivision, the adjusted net primary production income of an individual for a particular tax year is the sum of: (a) if the individual carried on a primary production…

Section 52M — Entry contribution

(1) A special resident’s entry contribution is: (a) if the resident is not a member of a couple—the resident’s individual residence contribution; or (b) if the resident is a member of a couple,…

Section 52ZM — Manner of enforcement of charge

If a charge against real assets is enforceable under this Subdivision, the Commission may enforce the charge against those real assets or against part of those real assets in any manner that the…

Section 52ZZM — Ordinary income of a company or trust

(1) For the purposes of this Subdivision, 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…

Section 52ZZZM — Net income of a primary production enterprise

(1) For the purposes of this Subdivision, if an entity carries on a primary production enterprise during a tax year of the entity, the net income of that primary production enterprise for that tax…

Section 52N — Extra allowable amount

Retirement village residence taken up before 12 June 1989 (1) If a retirement village resident became entitled to take up residence in the retirement village before 12 June 1989, the resident’s extra…

Section 52ZN — 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…

Section 52ZZN — Ordinary income from a business—treatment of trading stock

(1) For the purposes of this Subdivision, 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…

Section 52ZZZN — Net income from a primary production enterprise—treatment of trading stock

(1) For the purposes of this Subdivision, if: (a) an entity carries on a primary production enterprise; and (b) the value of all the trading stock on hand at the end of a tax year is greater than the…

Section 52ZO — Definitions

In this Division, unless the contrary intention appears: actively involved with a primary production enterprise has the meaning given by section 52ZW. actual transfer, in relation to property or…

Section 52ZZO — Permissible reductions of business and investment income

(1) For the purposes of this Subdivision, 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 52ZZZO — Permissible reductions of income from carrying on a primary production enterprise

(1) For the purposes of this Subdivision, if an entity carries on a primary production enterprise, the entity’s income from the primary production enterprise is to be reduced by: (a) losses and…

Section 52P — Renegotiation of retirement village agreement

If a person who has a right to live in a retirement village under an agreement enters into a new agreement under which the person obtains a right to live in the retirement village, then, for the…

Section 52ZP — Relatives

(1) For the purposes of this Division, 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,…

Section 52ZZP — Derivation periods

(1) For the purposes of this Division: (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…

Section 52ZZZP — Anti-avoidance

(1) If: (a) one or more entities enter into, commence to carry out, or carry out, a scheme; and (b) it would be concluded that the entity, or any of the entities, who entered into, commenced to carry…

Section 52Q — Residents who are not members of a couple

(1) This section applies to a special resident who is not a member of a couple. Entry contribution more than extra allowable amount (2) Where: (a) this section applies to a special resident; and (b)…

Section 52ZQ — Associates

(1) For the purposes of this Division, 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 52ZZQ — Attribution periods

(1) The Commission 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 52ZZZQ — Decision-making principles

The Commission may, by legislative instrument, formulate principles (decision-making principles) to be complied with by it in making decisions under: (a) section 52ZZJ; or (b) subsection 52ZZK(2); or…

Section 52R — Members of couples

(1) This section applies to a special resident if: (a) the resident is a member of a couple; and (b) the resident shares the person’s principal home with the resident’s partner. Entry contribution…

Section 52ZR — When a company is sufficiently influenced by an entity

For the purposes of this Division, 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…

Section 52ZZR — 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 52ZZZR — Transitional period

For the purposes of this Subdivision, the transitional period is the period: (a) beginning on the commencement of this Division; and (b) ending immediately before 1 January 2002.

Section 52S — Members of illness separated couple (both in special residences)

(1) This section applies to a special resident if: (a) the resident is a member of an illness separated couple; and (b) the principal home of the resident’s partner is also a special residence. Both…

Section 52ZS — Majority voting interest in a company

For the purposes of this Division, 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…

Section 52ZZS — 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 52ZZZS — Information-gathering powers

In determining the scope of the power conferred on the Secretary during the transitional period by section 128 to require the provision of information, or the production of a document, it is to be…

Section 52T — Members of illness separated couple (partner not in special residence and partner property owner)

(1) This section applies to a special resident if: (a) the resident is a member of an illness separated couple; and (b) the principal home of the resident’s partner is not a special residence; and…

Section 52ZT — Entitled to acquire

For the purposes of this Division, 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…

Section 52ZZT — 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 Subdivision (other than this section) to a particular individual and a particular company or trust,…

Section 52ZZZT — Commission may obtain tax information

(1) If the Commission has reason to believe that the Commissioner of Taxation has information (other than a tax file number) that may be relevant to the operation of this Division, the Commission…

Section 52U — Members of illness separated couple (partner not in special residence and partner not property owner)

Section 52ZU — Transfer of property or services

(1) A reference in this Division 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 52ZZU — Effect of unsecured loan on value of assets

(1) For the purposes of the application of this Subdivision 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…

Section 52ZZZU — Disclosure of tax information

In determining the scope of the power conferred on a person (the tax official) during the transitional period by paragraph 16(4)(d) of the Income Tax Assessment Act 1936 to communicate information…

Section 52V — Members of ordinary couple with different principal homes (both in special residences)

(1) This section applies to a special resident if: (a) the resident is a member of an ordinary couple with different principal homes; and (b) the principal home of the resident’s partner is also a…

Section 52ZV — Constructive transfers of property or services to an entity

(1) For the purposes of this Division, 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…

Section 52ZZV — Value of company’s or trust’s assets etc.

(1) For the purposes of this Subdivision, 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 5L and…

Section 52ZZZV — Disclosure of tax file number information

In determining the scope of paragraph 202(hc) of the Income Tax Assessment Act 1936, and sections 8WA and 8WB of the Taxation Administration Act 1953, during the transitional period, it is to be…