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10.3.9 Assessing the Assets of a Private Trust or Company - From 01/01/2002
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This section contains information on the assessment of the assets of Controlled Private Trusts and Controlled Private Companies.
An asset means any property, including property outside Australia.
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: