| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of your private ruling
Authorisation Number: 1012611637142
Ruling
Subject: Transfer of CGT assets and depreciating assets to a new custodian
In order to protect the privacy components of this private binding ruling the following summary is provided.
The ruling concerned the following:
Question 1
Will the transfer of assets by Custodian A to Custodian B (to be held by Custodian B on the terms set out in new custody agreements) give rise to any one of the following CGT events:
(a) CGT event A1 (in section 104-10 of the Income Tax Assessment Act (ITAA 1997))?
(b) CGT event E1 (in section 104-55 of the ITAA 1997)?
(c) CGT event E2 (in section 104-60 of the ITAA 1997)?
(d) CGT event E5 (in section 104-75 of the ITAA 1997)?
Answer
No.
Question 2
Will the transfer of assets by Custodian A to Custodian B (to be held by Custodian B on the terms set out in the same custody agreement) give rise to any one of the following CGT events:
(a) CGT event A1 (in section 104-10 of the ITAA 1997)?
(b) CGT event E1 (in section 104-55 of the ITAA 1997)?
(c) CGT event E2 (in section 104-60 of the ITAA 1997)?
(d) CGT event E5 (in section 104-75 of the ITAA 1997)?
Answer
No.
Question 3
Will the transfer of an asset by Custodian A to the beneficiary, and/or the subsequent transfer of that asset to Custodian B (to be held by Custodian B on the terms set out in new custody agreements), give rise to any one of the following CGT events:
(a) CGT event A1 (in section 104-10 of the ITAA 1997)?
(b) CGT event E1 (in section 104-55 of the ITAA 1997)?
(c) CGT event E2 (in section 104-60 of the ITAA 1997)?
(d) CGT event E5 (in section 104-75 of the ITAA 1997)?
Answer
(a) No.
Question 4
Will the transfer of depreciating assets by Custodian A to Custodian B (to be held by Custodian B on the terms set out in new custody agreements) give rise to balancing adjustment events under section 40-295 of the ITAA 1997?
Answer
No.
Question 5
Will the transfer of depreciating assets by Custodian A to the beneficiary, and/or the subsequent transfer of those depreciating assets to Custodian B (to be held by Custodian B on the terms set out in new custody agreements), give rise to balancing adjustment events under section 40-295 of the ITAA 1997?
Answer
No.
This ruling applies for the following period:
2014 income year
The scheme commences:
During the 2014 income year
Relevant legislative provisions
Section 40-40 of the ITAA 1997
Section 40-295 of the ITAA 1997
Section 104-10 of the ITAA 1997
Section 104-55 of the ITAA 1997
Section 104-60 of the ITAA 1997
Section 104-75 of the ITAA 1997
Section 106-50 of the ITAA 1997
Subsection 960-100(2), ITAA 1997
Section 5, Trusts Act 1973 (Qld)
Section 21, Trusts Act 1973 (Qld)
Section 31, Trusts Act 1973 (Qld)
Section 32, Trusts Act 1973 (Qld)
Section 5, Trustee Act 1958 (Vic)
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
