Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if:
(a) a * CGT asset:
(i) forms part of the estate of a deceased individual; or
(ii) was owned by joint tenants and one of them dies; and
(b) any of the following applies:
(i) the asset devolves to the individual's * legal personal representative;
(ii) the asset * passes to a beneficiary of the individual;
(iii) an interest in the asset is * acquired by the surviving joint tenant or tenants (as the case may be) as mentioned in section 128-50;
(iv) the asset devolves to a trustee of a trust established by the will of the individual; and
(c) the deceased individual referred to in subparagraph (a)(i) or (ii) would have been entitled to reduce or disregard a * capital gain under this Division if a * CGT event had happened in relation to the CGT asset immediately before his or her death; and
(d) a CGT event happens in relation to the CGT asset within 2 years of the individual's death.
(2) A person mentioned in subsection (2A) is entitled to reduce or disregard a * capital gain under this Division in the same way as the deceased individual would have been entitled to as if:
(a) paragraph 152-105(d) only required the deceased individual to have been 55 or over, or permanently incapacitated, at the time of the * CGT event referred to in paragraph (1)(c) of this section; and
(b) paragraph 152-305(1)(b) did not apply.
(2A) The following persons (as the case requires) are entitled to reduce or disregard a * capital gain under this Division in accordance with subsection (2):
(a) the * legal personal representative of the individual;
(b) the beneficiary of the individual;
(c) the surviving joint tenant or tenants;
(d) the trustee or a beneficiary of the trust.
(3) The Commissioner may extend the time limit in paragraph (1)(d).
Guide to Subdivision 152-B