INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteSubject to subsection (2), where an asset is owned by persons as joint tenants:
(a) this Part applies as if those persons owned the asset as tenants in common in equal shares;
(b) if one of the joint tenants dies and the interest of the deceased person in the asset was acquired by the deceased person before 20 September 1985 - the interest of the deceased person in the asset shall be deemed, for the purposes of this Part, to have been acquired by the survivor, or if there are 2 or more survivors, by those survivors in equal shares, on the date of the deceased person's death and to have been so acquired for a consideration equal to the market value of the interest at the date of the deceased person's death;
(c) if one of the joint tenants dies and the interest of the deceased person in the asset was acquired by the deceased person on or after 20 September 1985 - the interest of the deceased person in the asset shall be deemed, for the purposes of this Part, to have been acquired by the survivor or, if there are 2 or more survivors, by those survivors in equal shares, on the date of the deceased person's death and the interest so acquired by a surviving joint tenant shall be deemed to have been acquired -
(i) for the purpose of ascertaining whether a capital gain accrued to the survivor in the event of a subsequent disposal of the interest by the survivor - for a consideration equal to the amount that would have been the indexed cost base to the deceased person of the interest for the purposes of this Part if the deceased person had disposed of the interest immediately before his or her death; or
(ii) for the purpose of ascertaining whether the survivor incurred a capital loss in the event of a subsequent disposal of the interest by the survivor - for a consideration equal to the amount that would have been the reduced cost base to the deceased person of the interest for the purposes of this Part if the deceased person had disposed of the interest immediately before his or her death; and
(d) if, in the case of an interest to which subparagraph (1)(c)(i) applies, the interest was disposed of by the survivor within 12 months after the day on which the interest was acquired by the deceased person, the reference in that subparagraph to the indexed cost base to the deceased person of the interest shall be construed as a reference to the cost base to the deceased person of the interest.
Except where the contrary intention appears, this Part applies in relation to two or more persons who own an asset in the capacity of trustees of the one trust estate as if those persons were a single person.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
