INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 2 - Application  

SECTION 160V   DISPOSALS BY BARE TRUSTEES AND PERSONS ENFORCING SECURITIES  

160V(1)   [Absolutely entitled beneficiary]  

If an asset is held by a person as trustee for another person who is absolutely entitled to the asset as against the trustee, this Part applies as if the asset were vested in the other person and any acts of the trustee were the acts of the other person.

160V(1A)   [Persons under legal disability]  

For the purposes of subsection (1), where a person holds an asset as trustee for another person, the other person is not taken not to be absolutely entitled to the asset as against the trustee merely because the other person is under a legal disability.

160V(1B)   [Change in ownership of asset]  

For the avoidance of doubt, nothing in subsection (1) has the effect that a change in the ownership of an asset under paragraph 160M(3)(a) or (aa) is not taken to have occurred.

160V(2)   [Security, etc]  

Where:

(a) a person entitled to an asset by way of security or entitled to the benefit of a charge or encumbrance on an asset does any act in relation to the asset for the purpose of enforcing or giving effect to the security, charge or encumbrance; or

(b) a person appointed to enforce or give effect to a security in relation to an asset or to enforce or give effect to a charge or encumbrance on an asset does any act in relation to the asset for the purpose of enforcing or giving effect to the security, charge or encumbrance;

this Part applies as if the act were the act of the person who owned the asset that was subject to the security, charge or encumbrance.