Income Tax Assessment Act 1997
(Repealed by No 32 of 2006)
If you are an individual, you can choose to disregard making a *capital gain or a *capital loss from all *CGT assets covered by *CGT event I1. 104-165(3)
If you do so choose, each of those assets is taken to be *taxable Australian property until the earlier of:
(a) a *CGT event happening in relation to the asset, if the CGT event involves you ceasing to own the asset;
(b) you again becoming an Australian resident.
If you are an individual who was in Australia on 6 April 2006, and you remain an Australian resident from that day until you stop being one, and you were an Australian resident for less than 5 years during the 10 years before you stopped being one, see section 104-166 of the Income Tax (Transitional Provisions) Act 1997 .