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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 104 - CGT events  

Subdivision 104-E - Trusts  

SECTION 104-105  Creating a trust over future property: CGT event E9  

104-105(1)  

 ITAA 36
CGT event E9 happens if:


(a) you agree for consideration that when property comes into existence you will hold it on trust; and


(b) at the time of the agreement, no potential beneficiary under the trust has a beneficial interest in the rights created by the agreement.

104-105(2)  

 ITAA 36
The time of the event is when you made the agreement.

104-105(3)  

 View history reference ITAA 36
You make a capital gain if the *market value the property would have had if it had existed when you made the agreement is more than any *incidental costs you incurred that relate to the event. You make a capital loss if that market value is less .

104-105(4)  

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The costs can include giving property: see section 103-5 . However, they do not include an amount you have received as *recoupment of them and that is not included in your assessable income, or an amount to the extent that you have deducted or can deduct it.


 



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