Draft Taxation Determination
Income tax: capital gains: how are net capital losses unrecouped by a taxpayer at the date of his or her death treated?
||This document has been finalised by TD 95/49.
FOI status: draft only - for comment
| Draft Taxation Determinations (TDs) represent the preliminary, though considered, views of the ATO. Draft TDs may not be relied on; only final TDs are authoritative statements of the ATO.
1. Unrecouped net capital losses lapse on death.
2. These losses cannot be:-
- offset against other income in the final individual income tax return of the deceased;
- carried forward into the first income tax return of the trust estate to be offset against future capital gains made by the trust estate; or
- distributed to the beneficiaries of the deceased estate.
Commissioner of Taxation
16 December 1993
date of death
unrecouped net capital losses
capital gains tax
ITAA Part IIIA