Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p18
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 18/18)
Character Range: 2730355–2731827

purchased its assets for when it becomes taxable.
Note 3: If the beneficiary is a foreign resident, Subdivision 855‑B sets out what happens if the beneficiary becomes an Australian resident. The beneficiary is taken to have acquired each asset owned just before becoming an Australian resident for the market value of the asset at that time.
 (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