| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051632808771
Date of advice: 18 February 2020
Ruling
Subject: Capital gains tax - Leaving Australia
Question 1
Will the Commissioner accept for the purposes of section 104-160 of the Income Tax Assessment Act 1997 that the market value of the assets as at your date of departure from Australia was $Y?
Answer
Yes. The Commissioner has considered the valuation provided and accepts that valuation reflects the market value.
This ruling applies for the following periods:
Year ended 30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling.
You are a citizen of Country Z
You have been a Permanent Resident Visa holder of Australia since 20XX.
You have 100% ownership of a Company X. You are the CEO of Company X.
You have since set up a Country W subsidiary company, which is wholly owned by Company X.
You are an employee of Company W and from 20XX have been receiving wages into your Country W bank account.
You left Australia on X XXXX and ceased to be an Australian resident as at that date.
You provided a Valuation report for the assets.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-160