15No double counting of attributed income—distribution by company to all attributable stakeholders

15 No double counting of attributed income—distribution by company to all attributable stakeholders

(1) This section applies if:

(a) during a particular derivation period of a company, an individual receives a distribution of capital from the company (the distribution); and

(b) the individual is an attributable stakeholder of the company during an attribution period that corresponds with the derivation period of the company; and

(c) the distribution made to the attributable stakeholder is part of a distribution to all attributable stakeholders of the company (the total distribution); and

(d) the proportion that the distribution to each attributable stakeholder bears to the total distribution, expressed as a percentage, is the same as each attributable stakeholder’s asset attribution percentage in relation to the company.

(2) For paragraph 52ZZL(1)(d) of the Act, the Commission must consider determining that the ordinary income of the individual received during the attribution period does not include the distribution if, but for this section, the amount or value of the distribution would be included in the ordinary income of the individual for that period.

(3) For paragraph 52ZZL(1)(e) of the Act, the Commission must consider determining that the ordinary income of the individual received during the attribution period does not include any part of the amount or value of the distribution if, but for this section, any part of the amount or value of the distribution would be included in the ordinary income of the individual for that period.