Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 316.205

  (1)   This section sets out what happens if a * CGT asset:

  (a)   is an interest in a lost policy holders trust (see section   316 - 155); 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

  (2)   Disregard a * capital gain or * capital loss the * legal personal representative makes because the asset * passes to the beneficiary.