Income Tax Assessment Act 1997
CHAPTER 4
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INTERNATIONAL ASPECTS OF INCOME TAX
PART 4-5
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GENERAL
Division 768
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Foreign non-assessable income and gains
Subdivision 768-R
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Temporary residents
Operative provisions
SECTION 768-955
Temporary resident who ceases to be temporary resident but remains an Australian resident
768-955(1)
If you are a * temporary resident and you then cease to be a temporary resident (but remain, at that time, an Australian resident), there are rules relevant to each * CGT asset that:
(a) you owned just before you ceased to be a temporary resident; and
(b) is not *taxable Australian property; and
(c) you * acquired on or after 20 September 1985.
768-955(2)
The first element of the * cost base and * reduced cost base of the asset (at the time you cease to be a * temporary resident) is its * market value at that time.
768-955(3)
Also, Parts 3-1 and 3-3 apply to the asset as if you had * acquired it at the time you ceased to be a * temporary resident. 768-955(4)
This section does not apply to an *ESS interest if:
(a) Subdivision 83A-C (about employee share schemes) applies to the interest, and the *ESS deferred taxing point for the interest has not yet occurred; or
(b) the provisions referred to in paragraphs 83A-33(1)(a) to (c) (about start ups) apply to the ESS interest.
View history note
Hide history noteIf you are a * temporary resident and you then cease to be a temporary resident (but remain, at that time, an Australian resident), there are rules relevant to each * CGT asset that:
(a) you owned just before you ceased to be a temporary resident; and
(b) is not *taxable Australian property; and
(c) you * acquired on or after 20 September 1985.
The first element of the * cost base and * reduced cost base of the asset (at the time you cease to be a * temporary resident) is its * market value at that time.
Also, Parts 3-1 and 3-3 apply to the asset as if you had * acquired it at the time you ceased to be a * temporary resident. 768-955(4)
This section does not apply to an *ESS interest if:
(a) Subdivision 83A-C (about employee share schemes) applies to the interest, and the *ESS deferred taxing point for the interest has not yet occurred; or
(b) the provisions referred to in paragraphs 83A-33(1)(a) to (c) (about start ups) apply to the ESS interest.
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