Private ruling: CGT - no change in beneficial owner
Date of advice: 4 May 2022
Published: July 2022
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will a capital gains tax event occur on the in-specie transfer of investments? | A1: No. As the transfer will not result in a change of beneficial ownership, no capital gains tax event will occur.

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)