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Generally, you acquire a CGT asset when you become its owner. However, it is possible that the legal and beneficial ownership can differ. Where the legal and beneficial ownership of an asset is different, a trust situation occurs.
A resulting trust, sometimes called an implied trust, is a trust that arises by operation of law in favour of the creator of some prior trust or other interest in certain circumstances. This include cases in which someone purchases property in the name of another. A trust is presumed in favour of the party providing the purchase money.
Therefore, you can argue that a resulting trust does exist in your situation. You as trustee merely hold the 50% legal title to the property for the benefit of your Mum (the beneficiary). The beneficiary (your Mum) provided the purchase consideration for the property and is responsible for the payment of all outgoings and other maintenance costs. And your mum (the beneficiary) is absolutely entitled to the property as against you as trustee of the trust. You have no interest in the property other than that existing by reason of the office of trustee and the holding of the 50% legal title.
Therefore, the sale of the property by the trustee (you) will be treated as though the beneficiary sold the property rather then the trustee. The estate of the beneficiary (not the trustee) will therefore be liable for the capital gain or capital loss made on the disposal of the property. Hence you may not have any CGT issue in Australia.
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