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10.3.15 Deprivation Provisions for Private Trusts or Companies
In this section
This section contains information on the treatment of the disposal of the assets and income of an individual to a controlled private company or controlled private trust and the disposal of the assets and income of a controlled private trust or controlled private company by an attributable stakeholder.
Legislation Library - Commission Determinations
An asset means any property, including property outside Australia.
According to section 5H of the VEA income is:
- an amount earned, derived or received by a person for the person's own use or benefit;
- a periodical payment by way of gift or allowance; or
- a periodical benefit by way of gift or allowance.
According to section 52ZZJ of the VEA, a person is an attributable stakeholder if a company or trust is a controlled private company or trust in relation to the individual unless the Commission determines otherwise.