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Edited version of private advice

Authorisation Number: 1052145728407

Date of advice: 26 July 2023

Ruling

Subject: CGT - temporary resident

Question

Is the capital gain from the sale of your overseas property included in your assessable income in Australia?

Answer

No.

You are a temporary resident of Australia for taxation purposes and your overseas property was not taxable Australian property. Therefore, your assessable income in Australia does not include any capital gain made from the sale of your overseas property.

This ruling applies for the following period:

Year ended 30 June 20XX

The scheme commenced on:

1 July 20XX

Relevant facts and circumstances

You are a resident of Australia for taxation purposes.

You are not an Australian citizen. You do not have an Australian spouse.

You are a citizen of both Country A and Country B.

You are living in Australia under a temporary visa.

You own a property in Country A. You sold that property and made a capital gain.

Relevant legislative provisions

Income Tax Assessment Act 1997 section 6-5

Income Tax Assessment Act 1997 section 6-10

Income Tax Assessment Act 1997 section 6-15

Income Tax Assessment Act 1997 Part 3-1

Income Tax Assessment Act 1997 section 768-910

Income Tax Assessment Act 1997 section 768-915

Income Tax Assessment Act 1997 Division 855

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