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  • Death of the holder



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    If you die and a depreciating asset starts to be held by your legal personal representative (such as the executor of your estate), a balancing adjustment event occurs. The termination value of the asset is its adjustable value on the day you die. If you have allocated the asset to a low-value pool, the termination value is so much of the closing balance of the pool for the income year in which you die that is reasonably attributable to the asset.

    If the asset passes directly to a beneficiary of your estate or to a surviving joint tenant, the termination value is the asset's market value on the day you die.

    Last modified: 31 Oct 2005QC 27521