Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Division, an asset is controlled by an individual if, and only if:
(a) all of the following conditions are satisfied:
(i) the asset is owned by a company;
(ii) the company is a controlled private company in relation to the individual;
(iii) no determination is in force under subsection (2) in relation to the asset and the individual; or
(b) all of the following conditions are satisfied:
(i) the asset is owned by a trust;
(ii) the trust is a controlled private trust in relation to the individual;
(iii) no determination is in force under subsection (2) in relation to the asset and the individual; or
(c) both:
(i) the asset is owned by a business partnership; and
(ii) the individual is a partner in the partnership.
(2) If the asset is owned by a company or trust, the Secretary may, by writing, determine that, for the purposes of this Division, the asset is taken not to be controlled by the individual.
(3) In making a determination under subsection (2), the Secretary must comply with any relevant decision - making principles.