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If a CGT asset is transferred by a company or a trustee of a trust to your spouse, adjustments are required to the cost base (or reduced cost base) of any interests. These can be shares or indirect interests in shares in the company, units in a unit trust and other interests in the trust. They are reduced in value by an amount that reasonably reflects the fall in their market value as a result of the transfer of the CGT asset. For more information please contact the Australian Taxation Office.
Special rules apply to marriage breakdown roll-overs involving a controlled foreign corporation or certain non-resident trusts.
Last modified: 18 Sep 2009QC 18323