Where a controller could not access trust capital and/or income as at 7.30 pm on 9 May 2000 043-04110030

Where, as at 7:30 pm on 9 May 2000, the trust deed irrevocably prevents access to:

• assets only, the assets will not be assessed but the income will be assessed under the post 1 January 2002 rules (attribution of income)
• income only, the income will not be assessed but the assets will be assessed under post 1 January 2002 rules (attribution of assets)
• both assets and income, the assets are not assessed but the actual income distributions received will be assessed (pre 1 January 2002 rules)

Note: access is not irrevocable where a controller or associate has the power to change the trust deed to allow access.

If access is prevented for a specific time, for example, until a person reaches a certain age, the concession will only apply until those access conditions are met.

All cases must be fully verified, that is, the trust deed and a statement obtained and examined, before the concession can be applied.

If access to trust income and/or assets is irrevocably prevented by the trust deed as at 7:30 pm on 9 May 2000, this should be reflected in the details coded on the Trust/Company Attribution (TRA) screen.

For example, if a 100% controller has access to income but not assets as at 9 May 2000, the income attribution percentage should be set to 100% and the asset attribution percentage to zero.

Details of non access should be placed on a DOC on the organisation record.

If access is prevented for a specific time, for example, until a person reaches a certain age, a review should be set.