| Disclaimer 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 private advice
Authorisation Number: 1051977824495
Date of advice: 4 May 2022
Ruling
Subject: CGT - no change in beneficial owner
Question
Will a capital gains tax event occur on the in-specie transfer of investments?
Answer
No. As the transfer will not result in a change of beneficial ownership, no capital gains tax event will occur.
This ruling applies for the following period:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You are the trustee of a self-managed superannuation fund with ownership of various listed and unlisted investments.
You have members who are the beneficial owners of the investments.
An in-specie transfer of assets will occur whereby legal ownership will change.
Despite the legal ownership change you will retain beneficial ownership.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 104-10 (2)