Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) an individual has transferred property to a company or trust before 1 January 2002; and
(b) the transfer amounts to a disposal by the individual of an asset of the individual; and
(c) apart from this section:
(i) under Subdivision BA or BB of Division 11, as a result of the disposition, a particular amount is included in the value of the individual's assets for the period of 5 years that starts on the day on which the disposition took place; and
(ii) that 5 - year period ends after 1 January 2002; and
(d) the individual's spouse is an attributable stakeholder of the company or trust on 1 January 2002;
the Commission may, by writing, determine that:
(e) in a case where the spouse's asset attribution percentage is 100%--Subdivisions BA and BB of Division 11 and sections 45UT and 45UTA have effect, in relation to the disposal of the asset referred to in paragraph (b), as if references in those Subdivisions and sections to the period of 5 years starting on the day on which the disposition took place were references to the period:
(i) beginning on the day on which the disposition took place; and
(ii) ending immediately before 1 January 2002; or
(f) in a case where the spouse's asset attribution percentage is less than 100%--Subdivisions BA and BB of Division 11 and sections 45UT and 45UTA have effect on and after 1 January 2002, in relation to the disposal of the asset referred to in paragraph (b), as if the amount of the disposition were reduced by the spouse's asset attribution percentage as at 1 January 2002.
(2) A determination under subsection (1) has effect accordingly.
(3) In making a determination under subsection (1), the Commission must comply with any relevant decision - making principles.