Draft Taxation Determination

TD 93/D292

Income tax: capital gains: how are net capital losses unrecouped by a taxpayer at the date of his or her death treated?

• Please note that the PDF version is the authorised version of this draft ruling.
  This document has been finalised by TD 95/49.

FOI status:

Preamble

1. Unrecouped net capital losses lapse on death.

2. These losses cannot be:-

(a)

offset against other income in the final individual income tax return of the deceased;

(b)

carried forward into the first income tax return of the trust estate to be offset against future capital gains made by the trust estate; or

(c)

distributed to the beneficiaries of the deceased estate.

Commissioner of Taxation
16 December 1993

References

BO CGTDET98

Subject References:
date of death
unrecouped net capital losses
capital gains tax

Legislative References:
ITAA Part IIIA