Attribution for private trusts and private companies 043-04030000
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Social Security Guide, 4.12.1.20, Determining a Controlled Private Trust from 01/01/2002
Social Security Guide, 4.12.1.30, Determining a Controlled Private Company from 01/01/2002
Social Security Guide, 4.12.1.40, The Source Test
Social Security Guide, 4.12.1.50, Associate Rule
Social Security Guide, 4.12.2.10, Attribution Percentages
Legislation
Links to the Federal Register of Legislation site go to a Series page. Select the Latest version.
Means Test treatment of private companies and private trusts
Social Security Act 1991, part 3.18, division 1, Introduction
The legislation sets out a three-step process for the attribution of the income and assets of a trust or company to an individual:
Step 1. The trust or company must be a designated private trust or a designated private company.
- section 1207N, Designated private companies
- section 1207P, Designated private trusts
Step 2. The trust or company must be a controlled trust or company in relation to the individual.
- section 1207Q, Controlled private companies
- section 1207V, Controlled private trusts
Step 3. The individual must be an attributable stakeholder of the trust or company.
- section 1207X, Attributable stakeholder, asset attribution percentage and income attribution percentage
Disallowable instrument
The following disallowable instrument' lists the factors considered in determining the percentage attribution of income and assets. See Social Security (Attributable Stakeholders and Attribution Percentages) Principles 2017.