INCOME TAX (TRANSITIONAL PROVISIONS) 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   Choices made under subsection 104-165(2) of the Income Tax Assessment Act 1997  

104-165(1)  
This section applies if:


(a) a choice was made under subsection 104-165(2) of the Income Tax Assessment Act 1997 ; and


(b) because of the choice, an asset is taken to have the necessary connection with Australia under subsection 104-165(3) of the Income Tax Assessment Act 1997 just before the commencement of Schedule 4 of the Tax Laws Amendment (2006 Measures No 4) Act 2006 .

104-165(2)  
To avoid doubt, the choice has effect for the purposes of subsection 104-165(3) of the Income Tax Assessment Act 1997 as in force on and after that commencement.

Note:

This means that the asset will be taxable Australian property under the Income Tax Assessment Act 1997 as in force on and after that commencement.





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