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  • Capital gains tax

    A capital gain or capital loss on an asset is the difference between what it cost you and what you receive when you dispose of it.

    There are special rules for when CGT will apply to assets held by Norfolk Island residents:

    Table 3: Special capital gains tax rules for Norfolk Island residents

    If you have an asset on …

    and you acquired the asset …

    then …

    Norfolk Island and you were a resident of Norfolk Island on 23 October 2015

    on or before 23 October 2015

    CGT doesn’t apply

    on or after 24 October 2015

    CGT may apply

    Norfolk Island and you were not a resident of Norfolk Island on 23 October 2015

    on or before 23 October 2015

    CGT may apply

    on or after 24 October 2015

    CGT may apply

    the Australian mainland (or anywhere worldwide)

    on or before 19 September 1985

    CGT doesn’t apply

    on or after 20 September 1985

    CGT may apply

    See also:

    Last modified: 13 Mar 2017QC 51468