Taxation Determination

TD 94/79W

Income tax: capital gains: if a post-CGT asset bequeathed to a legal personal representative/beneficiary (LPR/B) is disposed of within 12 months of the LPR/B's acquisition, in which circumstances is indexation available?

  • Please note that the PDF version is the authorised version of this ruling.
    TD 94/79 has been withdrawn as part of a project to review public rulings.
    This document has changed over time. View its history.

Notice of Withdrawal

Taxation Determination TD 94/79 is withdrawn with effect from today.

1. TD 94/79 explains that if the LPR/B disposes of an asset within 12 months of the LPR/B's acquisition but after more than 12 months from when the deceased acquired the asset, the benefits of indexation are available. However, if the LPR/B disposes of the asset within 12 months of the LPR/B's acquisition and within 12 months of the deceased's acquisition, the LPR/B is denied any benefits of indexation.

2. Indexation applies only in respect of expenditure incurred at or before 11:45am on 21 September 1999. For expenditure incurred after that time, a taxpayer may be eligible to discount their capital gain under Division 115 of the Income Tax Assessment Act 1997.

3. TD 94/79 has limited ongoing relevance and is therefore withdrawn without replacement.

Commissioner of Taxation
27 June 2018

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References

ATO references:
NO 1-D75OWX3

ISSN: 2205-6211

Related Rulings/Determinations:

TD 94/75

Subject References:
beneficiary
capital gain
consideration
cost base
death
indexed cost base

Legislative References:
ITAA 160X(5)(b)
ITAA 160X(5)(b)(i)
ITAA 160X(6)
ITAA 160Z
ITAA 160Z(3)
ITAA 160Z(4)

TD 94/79W history
  Date: Version: Change:
  15 September 1994 Original ruling  
  29 November 2006 Original ruling + note Repeal provision note
You are here 27 June 2018 Withdrawn