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Edited version of private advice
Authorisation Number: 1051907881273
Date of advice: 18 October 2021
Ruling
Subject: CGT - temporary resident
Question:
Can you disregard any capital gains or capital losses made on the disposal of any of the Shares during the ruling period?
Answer:
Yes. You will be able to disregard any capital gain or capital loss made on the disposal of any of the Shares under section 768-915 of the ITAA 1997 because:
• You were a temporary resident of Australia for the ruling period; and
• The Shares were non-taxable Australian property.
This ruling applies for the following period:
Income year ending 30 June 20XX.
The scheme commences on:
1 July 20XX.
Relevant facts and circumstances
While you were overseas you applied for a visa to enable you to come to Australia, which was granted.
You came to Australia and have applied for further visas to enable you to stay in Australia.
You were a Temporary resident during the ruling period.
You purchased and sold shares (the Shares) during the ruling period.
The Shares were non-taxable Australian property.
Your share activities during the ruling period did not constitute the carrying on of a business.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subdivision 768-R
Income Tax Assessment Act 1997 Section 768-915
Income Tax Assessment Act 1997 Division 855
Income Tax Assessment Act 1997 Section 995-1