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Becoming a resident

Last updated 24 February 2020

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.

QC27448