Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 128.20

When does an asset pass to a beneficiary?

  (1)   A * CGT asset passes to a beneficiary in your estate if the beneficiary becomes the owner of the asset:

  (a)   under your will, or that will as varied by a court order; or

  (b)   by operation of an intestacy law, or such a law as varied by a court order; or

  (c)   because it is appropriated to the beneficiary by your legal personal representative in satisfaction of a pecuniary legacy or some other interest or share in your estate; or

  (d)   under a deed of arrangement if:

  (i)   the beneficiary entered into the deed to settle a claim to participate in the distribution of your estate; and

  (ii)   any consideration given by the beneficiary for the asset consisted only of the variation or waiver of a claim to one or more other * CGT assets that formed part of your estate.

    (It does not matter whether the asset is transmitted directly to the beneficiary or is transferred to the beneficiary by your * legal personal representative.)

  (2)   A * CGT asset does not pass to a beneficiary in your estate if the beneficiary becomes the owner of the asset because your * legal personal representative transfers it under a power of sale.


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