Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

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

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Division 106 - Entity making the gain or loss

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Subdivision 106-C - Absolutely entitled beneficiaries

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History

Subdiv 106-C substituted by No 119 of 2013, s 3 and Sch 1 item 17, applicable:

(a) to the extent the amendments affect the A New Tax System (Wine Equalisation Tax) Act 1999 - in relation to financial years commencing on or after 30 June 2013; and

(b) to the extent the amendments affect Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 (about capital gains and losses) - in relation to CGT events happening on or after 30 June 2013; and

An entity may choose to have the amendments also apply, in relation to the entity:

(a) to the extent the amendments affect Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 - in relation to CGT events happening during the 2008-09 income year and later income years; and

(b) other than to the extent the amendments affect those Parts or the A New Tax System (Wine Equalisation Tax) Act 1999 - in relation to the 2008-09 income year and later income years.

Subdiv 106-C formerly read:

Subdivision 106-C - Absolutely entitled beneficiaries
SECTION 106-50 Absolutely entitled beneficiaries
106-50
If you are absolutely entitled to a *CGT asset as against the trustee of a trust (disregarding any legal disability), this Part and Part 3-3 apply to an act done by the trustee in relation to the asset as if you had done it.
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History

S 106-50 inserted by No 46 of 1998.

SECTION 106-50 Absolutely entitled beneficiaries

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106-50(1)
For the purposes of this Part and Part 3-3 (about capital gains and losses) and Subdivision 328-C (What is a small business entity), from just after the time you become absolutely entitled to a * CGT asset as against the trustee of a trust (disregarding any legal disability), the asset is treated as being your asset (instead of being an asset of the trust).

106-50(2)
This Part, Part 3-3 and Subdivision 328-C apply, from just after the time you become absolutely entitled to a * CGT asset as against the trustee of a trust (disregarding any legal disability), to an act done in relation to the asset by the trustee as if the act had been done by you (instead of by the trustee).

Example:

An individual becomes absolutely entitled to a CGT asset of a trust. The trustee later sells the asset. Any capital gain or loss from the sale is made by the individual, not the trustee.

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