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  • Ceasing to be a resident
    Attention

    Warning:

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

    End of attention

    If you stop being an Australian resident for tax purposes, you are taken to have disposed of assets that don't have the necessary connection with Australia. You are taken to have disposed of them for their market value on the day you stopped being a resident.

    Exceptions

    Choosing to disregard making a gain or loss

    You can choose to disregard the capital gain or capital loss if you are an individual. If you make this choice the asset is taken to have the necessary connection with Australia until the earlier of:

    • a CGT event happening to the asset (for example, its sale or disposal),
    • you again becoming an Australian resident.
    Short term resident

    The capital gain or capital loss is disregarded if you are an individual and were an Australian resident for less than five years during the 10 years before you stopped being one, and either:

    • owned the asset before last becoming an Australian resident, or
    • inherited the asset after last becoming an Australian resident.
    Last modified: 25 Feb 2020QC 27448