Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 (21 of 2015)

Schedule 3   CGT exemption for compensation and insurance

Income Tax Assessment Act 1997

6   After subsection 118-300(1)

Insert:

Payment to trust beneficiary (or representative) if trustee owns the policy or instrument

(1A) A *capital gain or *capital loss you make from a *CGT event happening because you receive a *CGT asset from the trustee of a trust is disregarded if:

(a) you receive the CGT asset as:

(i) a beneficiary of the trust; or

(ii) a *legal personal representative of a beneficiary of the trust; and

(b) the CGT asset is attributable to another CGT event and CGT asset to which table item 3 in subsection (1) applies for the trustee.


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