Document ID: chunk:federal_register_of_legislation:C2010C00685:clause:5_28
Version: federal_register_of_legislation:C2010C00685
Segment Type: clause
Provision Reference: sch 5 cl 28
Character Range: 100990–103465

28  Subsection 70‑30(4)
Repeal the subsection, substitute:

 (4) However, if you last acquired the item for no consideration, its cost is worked out using this table:

Cost of item acquired for no consideration
Item                                        In this case:                                                                                                                                                                                                                                                                                                        The cost is:
  1                                         your acquisition of the item involved a disposal of the item to you within the meaning of Part IIIA (Capital gains and capital losses) of the Income Tax Assessment Act 1936                                                                                                                                         the item's market value when you last acquired it
  2                                         your acquisition of the item involved the item passing to you:                                                                                                                                                                                                                                                       the dead person's indexed cost base for the item just before his or her death (but worked out disregarding section 160ZG (which affects the indexed cost base for a non‑listed personal use asset) of the Income Tax Assessment Act 1936)
                                            (a) as someone's *legal personal representative; or
                                            (b) as a beneficiary in a dead person's estate;
                                            and, if you dispose of the item (within the meaning of Part IIIA (Capital gains and capital losses) of the Income Tax Assessment Act 1936), a capital gain or capital loss may result that would be taken into account in working out your net capital gain or net capital loss for the income year of the disposal
  3                                         any other case where you last acquired the item for no consideration                                                                                                                                                                                                                                                 a nil amount