Income Tax Assessment Act 1997
SECTION 316-170 Roll-over where shares or rights to acquire shares transferred to beneficiary of lost policy holders trust 316-170(1)
This section applies in relation to a *CGT event if:
(a) the CGT event happens in relation to an asset that:
(i) is a *share or a right to *acquire one or more shares; and
(ii) is held by the trustee of the lost policy holders trust on behalf of a beneficiary of the lost policy holders trust; and
(b) the CGT event happens because the beneficiary of the lost policy holders trust either:
(i) is transferred the asset by the trustee; or
(ii) becomes absolutely entitled to the asset.
Consequence for trustee
316-170(2)
Disregard a *capital gain or *capital loss the trustee makes from the *CGT event.
Consequences for beneficiary
316-170(3)
The *cost base and *reduced cost base of the asset in the hands of the trustee of the lost policy holders trust just before the *CGT event becomes the first element of the cost base and reduced cost base of the asset in the hands of the beneficiary of the lost policy holders trust.
Note:
Section 316-105 affects the cost base of the asset in the hands of the trustee of the lost policy holders trust if the asset is covered by section 316-110 .
316-170(4)
The beneficiary of the lost policy holders trust is taken to have *acquired the asset when the trustee acquired it.
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