INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 1 - Preliminary  

Subdivision B - Interpretation  

SECTION 160J  

160J   ASSET PASSING TO PERSONAL REPRESENTATIVE OR BENEFICIARY  
In this Part -

(a) a reference to an asset that formed part of the estate of a deceased person passing to the legal personal representative of the deceased person is a reference to an asset that formed part of the estate of a deceased person coming into the ownership of a person as the executor of the will, or as the administrator of the estate, of the deceased person; and

(b) a reference to an asset that formed part of the estate of a deceased person passing to a beneficiary in that estate is a reference to an asset that formed part of the estate of the deceased person coming into the ownership of a person as a beneficiary:

(i) under the will of the deceased person, or under that will as varied by an order of a court; or

(ii) by operation of law as a result of the intestacy of the deceased person, or by operation of law as a result of that intestacy as the operation of the law is varied by an order of a court; or

(iii) under a deed of arrangement where:

(A) the deed was entered into in settlement of a claim to participate in the distribution of the estate of the deceased person; and

(B) the consideration (if any) given by the beneficiary for the asset consisted of the variation or waiver of a claim to one or more other assets that formed part of that estate;

whether the asset was transmitted directly to that person or was transferred to that person by the executor of the will, or by the administrator of the estate, of the deceased person.