Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 104.105

Creating a trust over future property: CGT event E9

  (1)   CGT event E9 happens if:

  (a)   you agree for consideration that when property comes into existence you will hold it on trust; and

  (b)   at the time of the agreement, no potential beneficiary under the trust has a beneficial interest in the rights created by the agreement.

  (2)   The time of the event is when you made the agreement.

  (3)   You make a capital gain if the * market value the property would have had if it had existed when you made the agreement is more than any * incidental costs you incurred that relate to the event. You make a capital loss if that market value is less .

  (4)   The costs can include giving property: see section   103 - 5. However, they do not include an amount you have received as * recoupment of them and that is not included in your assessable income, or an amount to the extent that you have deducted or can deduct it.


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