Income Tax Assessment Act 1997
View history note
Hide history noteThis section sets out what happens if a *CGT asset:
(a) is a demutualisation asset (see section 316-110 ); and
(b) forms part of the estate of an individual who is an entity described in subsection 316-115(1) and has died; and
(c) was not owned by the individual just before dying; and
(d) *passes to a beneficiary in the individual ' s estate because the asset is transferred to the beneficiary by the individual ' s *legal personal representative.
Note:
Division 128 deals with the effect of death in relation to CGT assets a person owns just before dying.
Consequence for legal personal representative
316-200(2)
Disregard a *capital gain or *capital loss the *legal personal representative makes because the asset *passes to the beneficiary.
Consequence for beneficiary
316-200(3)
The *cost base and *reduced cost base of the asset in the hands of the *legal personal representative just before the asset *passes to the beneficiary becomes the first element of the cost base and reduced cost base of the asset in the hands of the beneficiary.
316-200(4)
The beneficiary is taken to have *acquired the asset when the *legal personal representative acquired it.
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