Exemptions from the Income Stream Provisions
Last amended: 23 March 2010
No saving provisions for income stream provisions
The [glossary:income stream:406] provisions have no general saving provisions. This means that all income streams are assessable under the current legislation unless an exemption has been granted.
Conditions for gaining an exemption
10.5.3 General Provisions for Assessing Income Streams
This section contains general information about the assessment of income streams.
Single Period or One-off Earnings Income
Last amended: 10 May 2012
Derivation & Attribution Period
Derivation period to be established first
When deciding what periods (of time) to attribute the assets and income of a structure to an individual(s), it is necessary to first establish the [glossary:derivation period:467] and then the attribution period.
Derivation period
Security of Tenure - Home owned by a Private Company or Trust
Principal home owned by a controlled private company or trust
If an individual lives in a home that is owned by a private company or private trust in which they have an interest, the home is assessed as the individual's [glossary:principal home:349] if they have reasonable security of tenure. An individual is a homeowner if they have a right or interest in the place they occupy as their home, and the right or interest gives them reasonable security of tenure.