Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p15
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 15/29)
Character Range: 2235076–2237684

of that person.
 (4) If the gift was a testamentary gift and the property is later *acquired for less than *market value by the deceased person's estate or a person (the deceased's associate) who:
 (a) is an *associate of the deceased person's estate; or
 (b) was an associate of the deceased person immediately before the deceased person's death;
the *cost base and the *reduced cost base of the property in the hands of the estate or the deceased's associate is worked out under section 128‑15 as if the property had passed in the estate to the estate or the deceased's associate.

118‑65  Later distributions of personal services income
  A *capital loss you make from a payment is disregarded if it is a payment to any entity of:
 (a) *personal services income included in an individual's assessable income under section 86‑15; or
 (b) any other amount that is attributable to that income.

118‑70  Transactions by exempt entities
  A *capital loss made by an entity is disregarded if it was an *exempt entity at the time it made the loss.

118‑75  Marriage or relationship breakdown settlements
 (1) A *capital gain or *capital loss you make as a result of *CGT event C2 happening is disregarded if:
 (a) you make the gain or loss in relation to a right that directly relates to the breakdown of a relationship between *spouses; and
 (b) at the time of the CGT event:
 (i) you and your spouse or former spouse are separated; and
 (ii) there is no reasonable likelihood of cohabitation being resumed.
Example: Maude receives an amount from Claude by way of a settlement directly related to the breakdown of their marriage. CGT event C2 would happen to Maude on satisfaction of her legally enforceable right to the amount. Any capital gain or loss that Maude makes in these circumstances is disregarded.
 (2) For the purposes of this section, the question whether *spouses or former spouses have separated is to be determined in the same way as it is for the purposes of section 48 of the Family Law Act 1975 (as affected by sections 49 and 50 of that Act).

118‑77  Native title and rights to native title benefits
 (1) A *capital gain or *capital loss you make is disregarded if:
 (a) you are an *Indigenous person or an *Indigenous holding entity; and
 (b) you make the gain or loss because one of the following things happens in relation to a *CGT asset mentioned in subsection (2):
 (i) you transfer the CGT asset to one or more entities that are either Indigenous persons or Indigenous holding entities;
 (ii) you create a trust, that is an Indigenous holding entity, over the CGT asset;
 (iii) your