Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 112.15

                   If a cost base modification replaces an element of the * cost base of a * CGT asset with an amount, this Part and Part 3-3 apply to you as if you had paid that amount.

Example:    An individual pays $10,000 to acquire an option. The individual dies and the option devolves to his legal personal representative, who exercises the option.

                   Section 134-1 applies to the legal personal representative as if the representative had paid $10,000 for the option.