Social Security (Means Test Treatment of Private Companies — Excluded Companies) Declaration 2017

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Social Security (Means Test Treatment of Private Companies — Excluded Companies) Declaration 2017

Social Security Act 1991

I, FINN PRATT, Secretary of the Department of Social Services, make this instrument under subsection 1207N(5) of the Social Security Act 1991.

Dated: 30 May 2017

Finn Pratt

Secretary

Department of Social Services

Part 1 Preliminary

1 Name of Declaration

This Declaration is the Social Security (Means Test Treatment of Private Companies — Excluded Companies) Declaration 2017.

2 Commencement

This Declaration commences on 1 October 2017.

3 Purpose

This Declaration specifies a class of companies that are excluded companies for section 1207N of the Act.

4 Revocation

The Social Security (Means Test Treatment of Private Companies – Excluded Companies) (DEEWR) Declaration 2008 is revoked.

5 Definitions

In this Declaration:

Act means the Social Security Act 1991.

community purpose means a purpose that is intended to benefit primarily the members of a particular community or group.

government body includes the following kinds of body:

(a) a department or agency of the Commonwealth;

(b) a department or agency of a State or Territory;

(c) a municipal corporation or other local government body;

(d) a body corporate in which the Commonwealth, a State or a Territory body holds a controlling interest.

income means income within the ordinary meaning of that expression.

indigenous-held land has the same meaning as in section 4B of the Aboriginal and Torres Strait Islander Act 2005.

Part 2 Specified class of companies

6 Companies with community purpose are excluded companies

(1) Each company that meets the requirements in subsection (2) is an excluded company for section 1207N of the Act.

(2) The company must have the sole or dominant purpose of:

(a) receiving, managing or distributing property transferred directly to it, or through an interposed entity, by a government body for a community purpose; or

(b) holding, managing or disposing of indigenous-held land, for a community purpose; or

(c) receiving, managing or distributing income that:

(i) has been generated from indigenous-held land; and

(ii) is applied for a community purpose.