Clause 103 - Net wealth to include certain assets

Net wealth inclusion deems assets transferred to relatives or held via revocable arrangements as belonging to the transferor.

Net wealth includes assets transferred by an individual to a spouse, to a minor child (subject to a carve-out for assets acquired from the minor's own specified income), to persons for a spouse's benefit, to trusts or persons if the transfer is revocable, converted property, and an individual's interest in unincorporated bodies. Deemed ownership rules allocate attribution between parents for minor-held assets, define revocability by reserved re-transfer or re-assumption rights, and treat allotments under housing schemes and impartible estate holdings as owned by the individual.