Treatment of bonus units issued on or after 20 September 1985
1. Did you acquire the original units on or after 20 September 1985?
Yes |
Read on from question 2. |
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No |
Read on from question 3. |
2. Is any part of the bonus units included in your assessable income?
Yes |
Read answer 1. |
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No |
Read answer 2. |
3. Is any part of the bonus units included in your assessable income?
Yes |
Read on from question 4. |
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No |
Read on from question 5. |
4. Were the bonus units issued on or after 20 September 1985?
Yes |
Read answer 1. |
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No |
Read answer 4. |
5. Are the bonus units partly paid?
Yes |
Read on from question 6. |
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No |
Read answer 4. |
6. Were the bonus units issued before 10 December 1986?
Yes |
Read answer 4. |
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No |
Read on from question 7. |
7. Before the sale of the bonus units were any more call payments made to the trust?
Yes |
Read answer 3. |
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No |
Read answer 4. |
Answer 1
- The bonus units are subject to capital gains tax.
- The acquisition date of the bonus units is their date of issue.
- The cost base is the amount included in assessable income, plus any calls on partly paid bonus units.
Answer 2
- The bonus units are subject to capital gains tax.
- The bonus units are acquired when the original units were acquired.
- The cost base of each original and bonus unit is equal to
- the cost of the original units divided by the total number of original and bonus units, plus
- any calls on partly paid bonus units.
Answer 3
- The bonus units are subject to capital gains tax.
- The acquisition date of the bonus units is the date when the liability to pay the first call arises.
- The cost base is the market value of the bonus units just before the liability to pay the first call arises, plus the amount of call payments made.
Answer 4
You are taken to have acquired the bonus units before 20 September 1985 and they are not subject to capital gains tax.