Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p48
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 48/79)
Character Range: 4959471–4962103

in relation to an asset that:
 (i) is a *share or a right to *acquire one or more shares; and
 (ii) is held by the trustee of the lost policy holders trust on behalf of a beneficiary of the lost policy holders trust; and
 (b) the CGT event happens because the beneficiary of the lost policy holders trust either:
 (i) is transferred the asset by the trustee; or
 (ii) becomes absolutely entitled to the asset.

Consequence for trustee
 (2) Disregard a *capital gain or *capital loss the trustee makes from the *CGT event.

Consequences for beneficiary
 (3) The *cost base and *reduced cost base of the asset in the hands of the trustee of the lost policy holders trust just before the *CGT event becomes the first element of the cost base and reduced cost base of the asset in the hands of the beneficiary of the lost policy holders trust.
Note: Section 316‑105 affects the cost base of the asset in the hands of the trustee of the lost policy holders trust if the asset is covered by section 316‑110.
 (4) The beneficiary of the lost policy holders trust is taken to have *acquired the asset when the trustee acquired it.

316‑175  Trustee assessed if shares or rights dealt with not for benefit of beneficiary of lost policy holders trust
 (1) This section applies in relation to a *capital gain from a *CGT event if:
 (a) the CGT event happens in relation to a demutualisation asset that:
 (i) is a *share or a right to *acquire a share; and
 (ii) is held by the trustee of a lost policy holders trust; and
 (b) section 316‑170 does not apply to the CGT event.
 (2) If this section applies:
 (a) sections 115‑215 and 115‑220 do not apply in relation to the *capital gain; and
 (b) for the purposes of this Act, the trustee is taken to be *specifically entitled to all of the capital gain.

316‑180  Subdivision 126‑E does not apply
  Subdivision 126‑E does not apply in relation to the demutualisation.
Note: Subdivision 126‑E is about an entitlement to shares after demutualisation and scrip for scrip roll‑over.

Subdivision 316‑E—Special CGT rules for legal personal representatives and beneficiaries

Table of sections
316‑200 Demutualisation assets not owned by deceased but passing to beneficiary in deceased estate
316‑205 Interest in lost policy holders trust not owned by deceased but passing to beneficiary in deceased estate

316‑200  Demutualisation assets not owned by deceased but passing to beneficiary in deceased estate
 (1) This section sets out what happens if a *CGT asset:
 (a) is a demutualisation asset (see section 316‑110); and
 (b) forms part of the estate of an individual who is an entity described in