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1 Are each of the gold bars capital gains tax (CGT) assets within the meaning of section 108-5 of the Income Tax Assessment Act 1997 (ITAA 1997)?

Yes. Question 2 Are each of the gold bars considered personal use assets within the meaning of section 108-20 of the ITAA 1997? Answer No. Question 3 If the gold bars are CGT assets, is the Estate of the deceased liable to pay CGT on the distribution of the gold bars to each of the beneficiaries? Answer No. Question 4 If the gold bars are a personal use asset, does the character of the gold bars change in the hands of the Executor or beneficiaries? Answer n/a. This ruling applies for the following periods : Year ended 30 June 20XX Year ending 30 June 20XX The scheme commenced on: 1 July 20XX

On XX XX 20XX, the deceased (the Deceased) purchased XX units of gold bars, weighing 5oz. At the time of purchase, each gold bar was valued at $X,XXX.XX. On XX XX 20XX the Deceased passed away and left a Will. The Will provides for the gold bars at Clause 6 (Specific Gifts): • I give XX 5oz gold bars to my [Spouse] if [they] survive me; • I give my remaining gold bars...to my Executor to be held upon trust for my Grandchildren who survive me and attain the vesting age.

Income Tax Assessment Act 1997 section 108-5 Income Tax Assessment Act 1997 section 108-20 Income Tax Assessment Act 1997 section 128-15 Income Tax Assessment Act 1997 section 128-20 Question 1 Are each of the gold bars capital gains tax (CGT) assets within the meaning of section 108-5 of the Income Tax Assessment Act 1997 (ITAA 1997)? Summary The gold bars are a form of property and accordingly are CGT assets within the meaning of section 108-5 of the ITAA 1997. Detailed reasoning Subsection 108-5(1) of the ITAA 1997 provides that a CGT asset is: (a)   any kind of property; or (b)   a legal or equitable right that is not property. Personal property includes all forms of property, other than real property. Whether gold bars constitute CGT assets depends on the intention you have when you a