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The above rules do not apply if you and your spouse divide your property by some means other than because of a court order or an agreement approved by the court. Normal capital gains tax rules apply. You must include any capital gain or loss you make on the transfer of a CGT asset in your assessable income on your tax return for that income year. The transferee spouse acquires the asset at the time of transfer.
Special rules may apply if the amount paid by one spouse for property owned by the other is greater or less than the market value of the property and they are not dealing at arm's length. In these circumstances, in calculating any capital gain or loss, the spouse who disposes of the property is treated as having received the market value of the property. The purchaser of the property is taken to have paid an amount or it equal to its market value.
Last modified: 18 Sep 2009QC 18323