Private ruling: CGT - shares
Date of advice: 24 June 2022
Published: December 2022
Date scheme commenced: 1 July 20XX

Ruling: Q1: Does Person A own the shares for capital gains tax (CGT) purposes? | A1: No. Person A does not own the shares in his own right. Person A holds them as trustee of a bare trust with Person A and Person B as the beneficiaries of the bare trust. This private ruling applies for the following periods: Year ending 30 June 20XX


Relevant legislative provisions: Income Tax Assessment Act 1997 Section 102-20. | Income Tax Assessment Act 1997 Section 104-10 | Income Tax Assessment Act 1997 Section 106-50 | Income Tax Assessment Act 1997 Section 960-100.


Relevant facts: The 'X' Superannuation fund (the fund) was the legal owner of a number of listed shares. | Person A and Person B are members of the fund and directors. | Person A is a trustee of the fund. | Person A and Person B received a superannuation benefit from the fund. The listed shares formed part of that superannuation benefit. | Person B authorised the transfer of their interest in the listed shares to a trading account operated by Person A with the belief that they would still retain the beneficial interest in those listed shares. | On XX XXX 20XX all the shares in the fund were transferred at the direction of the fund members to a share trading account operated by person A. | On XX XXX 20XX the fund was wound up. | The shares were sold and proceeds from the sale of the shares were used to acquire real property.