Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p6
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 6/6)
Character Range: 436457–439090

on the legal personal representative or beneficiary
128‑20 When does an asset pass to a beneficiary?
128‑25 The beneficiary is a trustee of a superannuation fund etc.

Special rules for joint tenants

128‑50 Joint tenants

[This is the end of the Guide.]

General rules

128‑10  Capital gain or loss when you die is disregarded

  When you die, a *capital gain or *capital loss from a *CGT event that results for a *CGT asset you owned just before dying is disregarded.

Note 1: Section 104‑215 sets out an exception to this rule if the CGT asset passes to a beneficiary in your estate who is:

                  * an exempt entity, or

                  * the trustee of a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust; or

                  * not an Australian resident.

Note 2: There is a special indexation rule for deceased estates: see section 114‑10.

128‑15  Effect on the legal personal representative or beneficiary

 (1) This section sets out what happens if a *CGT asset you owned just before dying:

 (a) devolves to your *legal personal representative; or

 (b) *passes to a beneficiary in your estate.

Note: Section 128‑25 has different rules if the asset passes to a beneficiary in your estate who is:

                  * an exempt entity, or

                  * the trustee of a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust; or

                  * not an Australian resident.

 (2) The *legal personal representative, or beneficiary, is taken to have *acquired the asset on the day you died.

Special rule for legal personal representative

 (3) Any *capital gain or *capital loss the *legal personal representative makes if the asset *passes to a beneficiary in your estate is disregarded.

Cost base rules for both

 (4) This table sets out the modifications to the *cost base and *reduced cost base of the *CGT asset in the hands of the *legal personal representative or beneficiary.

Modifications to cost base and reduced cost base
                                                                                                                                                                                                                                                     The first element of the asset's reduced cost base is:
                                                  For this kind of CGT asset:                                                                                                                 The first element of the asset's cost base is:
Item