Inclusion of transferred income: income from assets under revocable transfers or trusts is taxed in the transferor's total income.

Total income includes income of another person where the transferor retains control or reversionary entitlement: income transferred without transfer of the underlying asset, income from assets transferred to a trust revocable during the beneficiary's lifetime, and income from assets transferred to another person revocable during that person's lifetime. A transfer is revocable if it provides for re-transfer of income or assets to the transferor or allows the transferor to re-assume power over income or assets; transfer covers settlements, trusts, covenants, agreements and arrangements.

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