Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 152.80

  (1)   This section applies if:

  (a)   a * CGT asset:

  (i)   forms part of the estate of a deceased individual; or

  (ii)   was owned by joint tenants and one of them dies; and

  (b)   any of the following applies:

  (i)   the asset devolves to the individual's * legal personal representative;

  (ii)   the asset * passes to a beneficiary of the individual;

  (iii)   an interest in the asset is * acquired by the surviving joint tenant or tenants (as the case may be) as mentioned in section   128 - 50;

  (iv)   the asset devolves to a trustee of a trust established by the will of the individual; and

  (c)   the deceased individual referred to in subparagraph   (a)(i) or (ii) would have been entitled to reduce or disregard a * capital gain under this Division if a * CGT event had happened in relation to the CGT asset immediately before his or her death; and

  (d)   a CGT event happens in relation to the CGT asset within 2 years of the individual's death.

  (2)   A person mentioned in subsection   (2A) is entitled to reduce or disregard a * capital gain under this Division in the same way as the deceased individual would have been entitled to as if:

  (a)   paragraph   152 - 105(d) only required the deceased individual to have been 55 or over, or permanently incapacitated, at the time of the * CGT event referred to in paragraph   (1)(c) of this section; and

  (b)   paragraph   152 - 305(1)(b) did not apply.

  (2A)   The following persons (as the case requires) are entitled to reduce or disregard a * capital gain under this Division in accordance with subsection   (2):

  (a)   the * legal personal representative of the individual;

  (b)   the beneficiary of the individual;

  (c)   the surviving joint tenant or tenants;

  (d)   the trustee or a beneficiary of the trust.

  (3)   The Commissioner may extend the time limit in paragraph   (1)(d).