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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 104-90  Disposal by beneficiary of capital interest: CGT event E8  

104-90(1)  

 ITAA 36
CGT event E8 happens if:


(a) you are the beneficiary under a trust (except a unit trust or a trust to which Division 128 applies); and


(b) you did not give any money or property to *acquire the *CGT asset that is your interest in the trust capital and you did not acquire it by assignment; and


(c) you *dispose of the interest, or part of it (but not to the trustee).

Note:

Division 128 deals with the effect of death.

104-90(2)  

 ITAA 36
The time of the event is:


(a) when you enter into the contract for the *disposal; or


(b) if there is no contract - when you stop owning the interest or part.

Note 1:

You work out if you have made a capital gain or capital loss under sections 104-95 and 104-100 .

Note 2:

There is a special indexation rule for this event: see section 114-10 .


 



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