Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 118 - Exemptions  

Subdivision 118-B - Main residence  

Special disability trusts

SECTION 118-220  

118-220   Exemption available to trustee - after the principal beneficiary ' s death  
This section applies to you in relation to a *CGT event if:

(a) the trustee of a trust holds a *CGT asset on a particular day (the transition day ); and

(b) on the transition day, or on an earlier day on which the CGT asset was held by the trustee of the trust, the trust is a *special disability trust; and

(c) the individual who is or has been the *principal beneficiary of the trust dies on the transition day; and

(d) the CGT event happens in relation to the CGT asset at or after the deceased ' s death; and

(e) the CGT event happens while you hold the CGT asset:

(i) as trustee of the trust; or

(ii) as trustee of an implied trust arising because of the deceased ' s death.