Income Tax Assessment Act 1997
This section sets out what happens if a *CGT asset:
(a) is an interest in a lost policy holders trust (see section 316-155 ); and
(b) forms part of the estate of an individual who is an entity described in subsection 316-115(1) and has died; and
(c) was not owned by the individual just before dying; and
(d) *passes to a beneficiary in the individual ' s estate because the asset is transferred to the beneficiary by the individual ' s *legal personal representative.
Division 128 deals with the effect of death in relation to CGT assets a person owns just before dying.Consequence for legal personal representative 316-205(2)
Disregard a *capital gain or *capital loss the *legal personal representative makes because the asset *passes to the beneficiary.
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