Acquisition dateGenerally, the acquisition date is when you...

Acquisition date

Generally, the acquisition date is when you become the owner of the asset – for example, when you purchase it.

However, there are 2 common situations where your acquisition date might differ from the date you become the owner:

• When you buy an asset under contract and do not take immediate possession. This commonly happens with real estate. In this case, your acquisition date is the date on the contract, not when you settle.
• When you inherit a CGT asset. In this case, the acquisition date is the date of death of the former owner.

The previous quote and the above are from the current ATO website. When you think about it - you start owing something when you buy it or take possession. Although you don't take possession of inherited shares straight away, in away they are yours from date of death (that is why the rule is what it is).

Do you really think my daughter owns my father's WOW shares from 1993 - he purchased 1993 and she inherited 2006 or so. So he owned them until 2006 and on his death she owns them. Seems pretty sensible to me. I will leave it at that.



When you think about it