Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 768 - Foreign non-assessable income and gains  

Subdivision 768-R - 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.


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