MLC301 Lecture Notes - Lecture 5: Double Taxation, Ordinary Income, Personal Representative
Document Summary
This means the asset and the veent remain under the provisions of cgt, but the gain/loss is not included, therefore having no effect on assessable income. 118 may exempt the asset, receipt, avoid double taxation or the transaction. If residence is owned by an individual and if dwelling is main residence (e. g. caravans etc. Cgt should not be levied on assets that are transferred as a result of death. In addition, capital gains and losses are also disregarded for assets passed from the legal personal representative to a beneficiary. Beneficiary has a further 2 years to dispose and take advantage of exemption: roll over div 122-126. Postpones the cgt event and defers assessability. Maintains previous cost base or pre cgt status. Loss or destruction: break down of marriage, transfer of assets to company, small business relief. Calculating net gain/net loss: determine the gain/loss for separate events.
