Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 118.220

    This section applies to you in relation to a * CGT event if:

  (a)   the trustee of a trust holds a * CGT asset on a particular day (the transition day ); and

  (b)   on the transition day, or on an earlier day on which the CGT asset was held by the trustee of the trust, the trust is a * special disability trust; and

  (c)   the individual who is or has been the * principal beneficiary of the trust dies on the transition day; and

  (d)   the CGT event happens in relation to the CGT asset at or after the deceased's death; and

  (e)   the CGT event happens while you hold the CGT asset:

  (i)   as trustee of the trust; or

  (ii)   as trustee of an implied trust arising because of the deceased's death.