Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Act 2019 (129 of 2019)
Schedule 1 Capital gains tax changes for foreign residents
Part 1 Main residence exemption
Income Tax Assessment Act 1997
4 At the end of section 118-110
(3) However, this section does not apply if, at the time the *CGT event happens, you:
(a) are an *excluded foreign resident; or
(b) are a foreign resident who does not satisfy the *life events test.
(4) You are an excluded foreign resident , at a particular time, if:
(a) you are a foreign resident at that time; and
(b) the continuous period ending at that time for which you have been a foreign resident is more than 6 years.
(5) You satisfy the life events test , at the time a *CGT event happens, if:
(a) the continuous period ending at that time for which you have been a foreign resident is 6 years or less; and
(b) you are covered by any of the following subparagraphs:
(i) you or your *spouse has had a *terminal medical condition that existed at any time during that period of foreign residency;
(ii) your *child has had a terminal medical condition that existed at any time during that period of foreign residency, and that child was under 18 years of age at at least one such time;
(iii) your spouse, or your child who was under 18 years of age at death, has died during that period of foreign residency;
(iv) the CGT event happens because of a matter referred to in a paragraph of subsection 126-5(1) involving you and your spouse (or former spouse).