Assessment of assets for trusts and companies 043-04060000
Expand allThis document outlines a brief overview of the assessment of assets from a private trust or private company. Different rules apply to an approved Special Disability Trust (SDT). This procedure does not cover SDTs.
Asset attribution
Attribution takes place when the controllers of the trust or company are said to exercise control over the assets of the entity. This control is expressed as a percentage and can only be determined by a Complex Assessment Officer (CAO). The CAO also establishes who is attributed with the assets of the entity, the amount of assessable assets each entity has, and also determines the amount of attributable assets to be included in a customer's asset assessment.
Asset attribution is the attribution of an entity's assessable assets to a customer and is determined by the person's attribution percentage multiplied by the entity's assessable assets. This determination could involve attribution of assets from multiple trusts and/or companies.
When a person occupies a house owned by a private trust or company, the decision on whether that person is a homeowner depends on whether it can be concluded the person has a right or interest in their accommodation which provides them with reasonable security of tenure.
A person may be considered a homeowner even if they are not an attributable stakeholder of the trust.
Contents
Home property adjustment amount and apportionment calculations on entity owned residence
Real estate owned by a private trust or private company
Other assets owned by an entity
Related links
Special Disability Trust (SDT) - initial contact