Income Tax Assessment Act 1997

Chapter 4 inserted by No 162 of 2001.

Part 4-5 inserted by No 162 of 2001.

Div 768 heading substituted by No 110 of 2014, s 3 and Sch 2 item 3, applicable to distributions and non-share dividends made after 16 October 2014. Div 768 heading formerly read:

Division 768 - Exempt foreign income and gains

Div 768 inserted by No 96 of 2004.

Subdiv 768-R inserted by No 32 of 2006, s 3 and Sch 1 item 1, effective 6 April 2006.

S 768-925 repealed by No 133 of 2009, s 3 and Sch 1 item 62, applicable in relation to the ESS interests mentioned in subsections 83A-5(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 . S 768-925 formerly read:

SECTION 768-925 Notional gain or loss  
768-925(1)
Your notional gain or loss is the ^* capital gain or ^* capital loss you would have had in relation to the ^* CGT event if, for the whole of the period set by subsections (2) and (3), you:

(a) had been an Australian resident; and

(b) had not been a ^* temporary resident.

768-925(2)
The period starts:

(a) in the case of section 768-920 applying to the ^* share or right in relation to which the ^* CGT event happens because of subsection 768-920(1) :

(i) if the share or right was acquired from an ^* employee share trust - when you first acquired a beneficial interest in the share or right; or

(ii) if subparagraph (i) does not apply - when you ^* acquired that share or right; and

(b) in the case of section 768-920 applying to the ^* share in relation to which the ^* CGT event happens because of subsection 768-920(2) :

(i) if the share was acquired from an ^* employee share trust - when you first acquired a beneficial interest in the original right; or

(ii) if subparagraph (i) does not apply - when you ^* acquired the original right.

768-925(3)
The period ends when the ^* CGT event happens.

768-925(4)
If you are an Australian resident (but not a ^* temporary resident) when the ^* CGT event happens, your notional gain or loss is reduced by the amount of the ^* capital gain or ^* capital loss that you would have made in relation to the ^* CGT event if section 768-920 did not apply to you.

S 768-925 inserted by No 32 of 2006, s 3 and Sch 1 item 1, applicable if the relevant CGT event happens on or after 1 July 2006.