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End of attention
If a person dies and a depreciating asset starts to be held by their legal personal representative (such as the executor of their estate), a balancing adjustment event occurs. The termination value of the asset is its adjustable value on the day they died. If they 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 they died that is reasonably attributable to the asset - see Low-value pools for information about a low-value pool.
If the asset passes directly to a beneficiary of their estate or to a surviving joint tenant, the termination value is the asset's market value on the day they died.
Last modified: 01 Oct 2006QC 27597