Taxation Determination

TD 93/37W

Income tax: capital gains: where an asset owned by the deceased at the time of death passes to a remainderman on the death of a life tenant, what is the date of acquisition of the asset by the remainderman?

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Notice of Withdrawal

Taxation Determination TD 93/37 is withdrawn with effect from today.

1. Taxation Determination TD 93/37 explains that an asset owned by a deceased is effectively taken to have been acquired by a remainderman on the date of death of the deceased under section 160X of the Income Tax Assessment Act 1936 (ITAA 1936).

2. Subsections 160X(4) and 160X(5) of the ITAA 1936 were rewritten as section 128-15 of the Income Tax Assessment Act 1997 (ITAA 1997). Subsections 160X(4) and 160X(5) of the ITAA 1936 were repealed by the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 (Act No. 101 of 2006), with effect from 14 September 2006.

3. The CGT treatment of life tenants and remaindermen is explained comprehensively in Taxation Ruling TR 2006/14. The issue dealt with in this Determination is included in Example 1 (see in particular paragraph 126 of TR 2006/14). As TD 93/37 is no longer current, it is withdrawn.

Commissioner of Taxation
7 April 2010

Previously issued as Draft TD 93/D4

References

ATO references:
NO 2006/20258