You are here

10.3.15 Deprivation Provisions for Private Trusts or Companies

Document

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.    


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.