Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p4
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 4/12)
Character Range: 1936937–1939521

a capital gain of:

Subdivision 106‑B—Bankruptcy and liquidation

Table of sections
106‑30 Effect of bankruptcy
106‑35 Effect of liquidation

106‑30  Effect of bankruptcy
 (1) For the purposes of this Part and Part 3‑3 (about capital gains and losses) and Subdivision 328‑C (What is a small business entity), the vesting of the individual's *CGT assets in the trustee under the Bankruptcy Act 1966 or under a similar foreign law is ignored.
 (2) This Part, Part 3‑3 and Subdivision 328‑C apply to an act done in relation to a *CGT asset of an individual in these circumstances as if the act had been done by the individual (instead of by the trustee etc.):
 (a) as a result of the bankruptcy of the individual by the Official Trustee in Bankruptcy or a registered trustee, or the holder of a similar office under a *foreign law;
 (b) by a trustee under a personal insolvency agreement made under Part X of the Bankruptcy Act 1966, or under a similar instrument under a foreign law;
 (c) by a trustee as a result of an arrangement with creditors under that Act or a foreign law.
Example: A CGT asset of an individual vests in a trustee because of the bankruptcy of the individual. No CGT event happens as a result of the vesting.
 The trustee later sells the CGT asset. Any capital gain or loss is made by the individual, not the trustee.

106‑35  Effect of liquidation
 (1) For the purposes of this Part and Part 3‑3 (about capital gains and losses) and Subdivision 328‑C (What is a small business entity), the vesting of a company's *CGT assets in a liquidator, or the holder of a similar office under a *foreign law, is ignored.
 (2) This Part, Part 3‑3 and Subdivision 328‑C apply to an act done by a liquidator of a company, or the holder of a similar office under a *foreign law, as if the act had been done by the company (instead of by the liquidator etc.).
Example: Ben, a liquidator of a company, sells a CGT asset of the company. Any capital gain or loss is made by the company, not by Ben.

Subdivision 106‑C—Absolutely entitled beneficiaries

Table of sections
106‑50 Absolutely entitled beneficiaries

106‑50  Absolutely entitled beneficiaries
 (1) For the purposes of this Part and Part 3‑3 (about capital gains and losses) and Subdivision 328‑C (What is a small business entity), from just after the time you become absolutely entitled to a *CGT asset as against the trustee of a trust (disregarding any legal disability), the asset is treated as being your asset (instead of being an asset of the trust).
 (2) This Part, Part 3‑3 and Subdivision 328‑C apply, from just