INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 104 - CGT events  

Subdivision 104-I - Australian residency ends  

SECTION 104-165   Exception for individuals  

104-165(1)  
(Repealed by No 32 of 2006)

Choosing to disregard making a gain or loss

104-165(2)  


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.

Note:

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 .


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