Income Tax Assessment Act 1997
This section applies in relation to a *CGT event if:
(a) the CGT event happens in relation to an asset that:
(i) is a *share or a right to *acquire one or more shares; and
(ii) is held by the trustee of the lost policy holders trust on behalf of a beneficiary of the lost policy holders trust; and
(b) the CGT event happens because the beneficiary of the lost policy holders trust either:
(i) is transferred the asset by the trustee; or
Consequence for trustee 316-170(2)
(ii) becomes absolutely entitled to the asset.
Disregard a *capital gain or *capital loss the trustee makes from the *CGT event. Consequences for beneficiary 316-170(3)
The *cost base and *reduced cost base of the asset in the hands of the trustee of the lost policy holders trust just before the *CGT event becomes the first element of the cost base and reduced cost base of the asset in the hands of the beneficiary of the lost policy holders trust.
The beneficiary of the lost policy holders trust is taken to have *acquired the asset when the trustee acquired it.
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