You are here
10.3.10 Liabilities of a Private Trust or Company - From 01/01/2002
In this section
This section contains information on the treatment of liabilities of controlled private trusts and controlled private companies. It discusses how to determine a genuine liability and the method of apportioning an entity's liability.
According to section 52ZZH of the VEA, a trust is a controlled private trust in relation to an individual if the company is a designated private trust and the individual passes either the:
- control test; or
- source test .
According to section 52ZZC of the VEA, a company is a controlled private company in relation to an individual if the company is a designated private company and the individual passes either the: