Income Tax Assessment Act 1997
A * capital gain or * capital loss you make from a * CGT event is disregarded if:
(a) you are a * temporary resident when, or immediately before, the CGT event happens; and
(b) you would not make a capital gain or loss from the CGT event, or the capital gain or loss from the CGT event would have been disregarded under Division 855 , if you were a foreign resident when, or immediately before, the CGT event happens.
Subsection (1) does not apply in relation to *CGT event I1 if:
(a) the CGT event happens in relation to an *ESS interest that is a beneficial interest in a right (or to a *share acquired by exercising such a right); and
(b) the provisions referred to in paragraphs 83A-33(1)(a) to (c) (about start ups) apply to the ESS interest.
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