Tax Laws Amendment (2009 Measures No. 6) Act 2010 (19 of 2010)

Schedule 1   Abolishing trust cloning and providing a CGT roll-over for certain trusts

Part 1   Removing trust cloning exception

Income Tax Assessment Act 1997

2   Subsection 104-60(5)

Repeal the subsection, substitute:

Exceptions

(5) CGT event E2 does not happen if you are the sole beneficiary of the trust and:

(a) you are absolutely entitled to the asset as against the trustee (disregarding any legal disability); and

(b) the trust is not a unit trust.