Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 104 - CGT events  

Subdivision 104-E - Trusts  

SECTION 104-105   Creating a trust over future property: CGT event E9  

104-105(1)    
CGT event E9 happens if:

(a) you agree for consideration that when property comes into existence you will hold it on trust; and

(b) at the time of the agreement, no potential beneficiary under the trust has a beneficial interest in the rights created by the agreement.

104-105(2)    
The time of the event is when you made the agreement.

104-105(3)    

You make a capital gain if the *market value the property would have had if it had existed when you made the agreement is more than any *incidental costs you incurred that relate to the event. You make a capital loss if that market value is less .

104-105(4)    
The costs can include giving property: see section 103-5 . However, they do not include an amount you have received as *recoupment of them and that is not included in your assessable income, or an amount to the extent that you have deducted or can deduct it.