Income Tax Assessment Act 1997
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Hide history noteSECTION 118-227 Amount of exemption available after the principal beneficiary ' s death - cost base and reduced cost base 118-227(1)
If section 118-220 applies to you and:
(a) the applicable *dwelling was the deceased ' s main residence just before the deceased ' s death; and
(b) that dwelling was not then being used for the *purpose of producing assessable income; and
(c) the trust referred to in paragraph 118-220(b) was then a *special disability trust; and
(ca) the deceased was not an *excluded foreign resident just before the deceased ' s death;
then:
(d) the first element of the *CGT asset ' s *cost base, in your hands, is the CGT asset ' s *market value just before the deceased ' s death; and
(e) the first element of the CGT asset ' s *reduced cost base, in your hands, is worked out similarly.
118-227(2)
However, if section 118-220 applies to you as trustee of an implied trust arising because of the deceased ' s death, but subsection (1) does not, then:
(a) the first element of the *CGT asset ' s *cost base, in your hands, is the CGT asset ' s cost base just before the deceased ' s death; and
(b) the first element of the CGT asset ' s *reduced cost base, in your hands, is worked out similarly.
118-227(3)
If section 118-222 applies to you:
(a) the first element of the *CGT asset ' s *cost base, in your hands, is the CGT asset ' s cost base just before the earlier *CGT event happened that resulted in you *acquiring the CGT asset or your *ownership interest in it; and
(b) the first element of the CGT asset ' s *reduced cost base, in your hands, is worked out similarly.
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