Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 118-60 Certain gifts 118-60(1)
A *capital gain or *capital loss made from a testamentary gift of property that would have been deductible under section 30-15 if it had not been a testamentary gift is disregarded.
118-60(1A)
If the only reason the gain or loss is not disregarded under subsection (1) is because the property has not been valued by the Commissioner at more than $5,000, then, for the purposes of that subsection, it is taken to have been so valued.
118-60(2)
A *capital gain or *capital loss made from a gift of property that is deductible under section 30-15 because of item 4 or 5 in the table in that section is disregarded.
118-60(3)
However, subsection (2) does not apply if the gift was not a testamentary gift and the property is later *acquired for less than *market value by the person who made the gift or an *associate of that person.
118-60(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.
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