Income Tax Assessment Act 1997



Division 152 - Small business relief  

Subdivision 152-A - Basic conditions for relief under this Division  

CGT event happens to asset or interest within 2 years of an individual's death

SECTION 152-80   CGT event happens to an asset or interest within 2 years of individual ' s death  

This section applies if:

(a) a *CGT asset:

(i) forms part of the estate of a deceased individual; or

(ii) was owned by joint tenants and one of them dies; and

(b) any of the following applies:

(i) the asset devolves to the individual ' s *legal personal representative;

(ii) the asset *passes to a beneficiary of the individual;

(iii) an interest in the asset is *acquired by the surviving joint tenant or tenants (as the case may be) as mentioned in section 128-50 ;

(iv) the asset devolves to a trustee of a trust established by the will of the individual; and

(c) the deceased individual referred to in subparagraph (a)(i) or (ii) would have been entitled to reduce or disregard a *capital gain under this Division if a *CGT event had happened in relation to the CGT asset immediately before his or her death; and

(d) a CGT event happens in relation to the CGT asset within 2 years of the individual ' s death.


A person mentioned in subsection (2A) is entitled to reduce or disregard a *capital gain under this Division in the same way as the deceased individual would have been entitled to as if:

(a) paragraph 152-105(d) only required the deceased individual to have been 55 or over, or permanently incapacitated, at the time of the *CGT event referred to in paragraph (1)(c) of this section; and

(b) paragraph 152-305(1)(b) did not apply.


The following persons (as the case requires) are entitled to reduce or disregard a *capital gain under this Division in accordance with subsection (2):

(a) the *legal personal representative of the individual;

(b) the beneficiary of the individual;

(c) the surviving joint tenant or tenants;

(d) the trustee or a beneficiary of the trust.

The Commissioner may extend the time limit in paragraph (1)(d).


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