Attribution percentages 043-04030050

Item

Description

1

Recording contributions

Information regarding contributions made to the company or trust in the last 5 years is to be recorded on the Private Company form (MOD PC) or Private Trust form (MOD PT).

2

Confirming contributions

If, for any reason, it is considered necessary to confirm details of contributions made, this information can be obtained from the company or trust financial statements as financial records are required to be kept for at least 5 years. For example, the private company in which a customer is involved may have only been set up recently but has substantial assets and very few liabilities. If the Mod PC does not explain how the company acquired the assets, further investigation may be warranted.

3

Contributions made over 5 years ago

If, for any reason, it is considered necessary to confirm details of contributions made more than 5 years ago, for example, a customer has requested a review of an attribution assessment because they believe contributions by other parties affects their own level of control, this may also be possible using sources such as:

• The Australian Security and Investment Commission (ASIC) records for a company, for example, the summary of the financial data on the annual returns
• The Land Titles Office (to provide the date transfers of the property were registered)
• Bank records (such as statements showing withdrawals or transfers of funds)

Item

Description

1

Centrelink make an attribution assessment for a customer who is applying for the Age Pension, based on information provided by that person on a Module PC form

This assessment involves a determination of the attribution percentage of stakeholders who are not income support recipients and might include the adult son of the customer. The son is unaware of, and unconcerned by this assessment as he presently has no need to claim an income support payment. When the son loses his job a few months later and applies for JobSeeker Payment (JSP), he becomes aware of the impact of the earlier attribution assessment on the level of his payments and requests a review. If his attribution percentage is reduced and the parent's attribution percentage is increased, the parent's Age Pension payment may be reduced.