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  • Becoming a resident


    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    When you become a resident you are taken to have acquired certain assets at the time you became a resident for their market value at that time.

    This rule only applies to assets that you acquired that did not have a necessary connection with Australia.

    The general cost base rules apply to an asset that had a necessary connection with Australia (for example, land in Australia) when you became a resident.

    Last modified: 25 Feb 2020QC 27448