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Draft Taxation Determination

TD 93/D292


Income tax: capital gains: how are net capital losses unrecouped by a taxpayer at the date of his or her death treated?

Attention This document has been Finalised by TD 95/49.

FOI status: draft only - for comment

Preamble

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:-

(a)
 offset against other income in the final individual income tax return of the deceased;
(b)
 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
(c)
 distributed to the beneficiaries of the deceased estate.

Commissioner of Taxation

16 December 1993

References

ATO references:
BO  CGTDET98

ISSN: 1038-8982

Subject references:
date of death
unrecouped net capital losses
capital gains tax

Legislative references:
ITAA Part IIIA

 


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