Draft Taxation Determination
Income tax: capital gains: where an asset owned by the deceased at the time of death passes to a remainderman on the death of a life tenant, what is the date of acquisition of the asset by the remainderman?
Please note that the PDF version is the authorised version of this draft ruling.This document has been finalised by TD 93/37.
FOI status:draft only - for comment
|Draft Taxation Determinations (TDs) present the preliminary, though considered, views of the ATO. Draft TDs may not be relied on; only final TDs are authoritative statements of the ATO.|
2. If the deceased died before 20 September 1985, the remainderman is taken to have acquired the asset before that date. (This is the case even if the asset does not pass to the remainderman until the life tenant dies on or after 20 September 1985) - subsection 160X(4) of the Income Tax Assessment Act 1936.
Commissioner of Taxation
21 January 1993