Document ID: chunk:federal_register_of_legislation:C2011A00147:clause:1_2
Version: federal_register_of_legislation:C2011A00147
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 6718–7505

2  Subsection 104‑85(6)
Repeal the subsection, substitute:

Exceptions for beneficiary
 (6) A *capital gain or *capital loss the beneficiary makes is disregarded if:
 (a) the beneficiary *acquired the *CGT asset that is the interest (except by way of an assignment from another entity) for no expenditure; or
 (b) the beneficiary acquired it before 20 September 1985; or
 (c) all or part of the capital gain or capital loss the trustee makes from the *CGT event is disregarded under Subdivision 118‑B (about main residence).
Expenditure can include giving property: see section 103‑5.
Note 1: For provisions affecting the application of Subdivision 118‑B to the trustee, see sections 118‑215 to 118‑230.
Note 2: There is also an exception for employee share trusts: see section 130‑90.