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Edited version of private advice
Authorisation Number: 1052023876226
Date of advice: 7 September 2022
Ruling
Subject: CGT - share disposal
Question
Will any capital gain or loss you made from the sale of your Country B shares be disregarded?
Answer
Yes. Any capital gain or loss you made from the sale of your XXXX shares will be disregarded because you were a temporary resident when you sold them and they were not taxable Australian property for CGT purposes.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
July 20XX
Relevant facts and circumstances
You were born in Country A and are a Country A citizen.
You applied for Australian citizenship on XXXX. A decision on this has yet to be made. You are not yet a citizen of Australia or any other country other than Country A.
You moved to Australia and have been residing here for over X years.
You hold a Subclass 444 Visa (Special Category Visa - SCV)
The 444 Visa is a temporary Visa.
You are not an eligible Country A citizen. (Protected SCV Holder).
You have been employed by XXXX since 20XX.
You have been granted stock (XXXX) under an Employee Share Scheme as party of your employment with XXXX.
The stock is listed in the Country B on the NASDAQ as XXXX.
You are in a de facto relationship with another Country A citizen.
Your de facto moved to and has been living in Australia for a number of years.
Your de facto holds a 444 Visa.
You disposed of XXX XXXX shares that were granted to you via the ESS. (they were disposed of more than 30 days after they were vested). These shares were sold via multiple transaction (all within the 2022 financial year)
There were numerous grants that shares were sold from for the above sales.
Disposal was prior to your application for citizenship.
You do not own property in Australia and are currently renting.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 6-5
Income Tax Assessment Act 1997 Subsection 6-5(2)
Income Tax Assessment Act 1997 Section 768-915
Income Tax Assessment Act 1997 Section 768-915(1)
Income tax Assessment Act 1997 Section 768-915(2)
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