Income Tax Assessment Act 1997
CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-1
-
CAPITAL GAINS AND LOSSES: GENERAL TOPICS
Division 104
-
CGT events
Subdivision 104-I
-
Australian residency ends
SECTION 104-160
Individual or company stops being an Australian resident: CGT event I1
104-160(1)
CGT event I1 happens if you stop being an Australian resident.
104-160(2)
The time of the event is when you stop being one.
104-160(3)
You need to work out if you have made a *capital gain or a *capital loss for each *CGT asset that you owned just before the time of the event, except one that is *taxable Australian property:
(a) covered by item 1 or 3 of the table in section 855-15 ; or
(b) covered by item 4 of that table because it is an option or right to *acquire a *CGT asset covered by item 1 or 3 of that table.
104-160(4)
You make a capital gain if the *market value of the asset (at the time of the event) is more than its *cost base. You make a capital loss if that market value is less than the asset ' s *reduced cost base.
104-160(4A)
If the asset is an *indirect Australian real property interest, or an option or right to acquire such an interest, this Part and Part 3-3 apply to the asset as if the first element of the *cost base and *reduced cost base of the asset (just after the time of the event) were its *market value at the time of the event.
104-160(4B)
Subsection (4A) does not apply if the *capital gain or *capital loss you make is disregarded under subsection (5) or (6), or subsection 104-165(2) .
Exceptions
104-160(5)
A *capital gain or *capital loss you make is disregarded if you *acquired the asset before 20 September 1985.
104-160(6)
(Repealed by No 133 of 2009)
View history note
Hide history noteCGT event I1 happens if you stop being an Australian resident.
104-160(2)
The time of the event is when you stop being one.
104-160(3)
You need to work out if you have made a *capital gain or a *capital loss for each *CGT asset that you owned just before the time of the event, except one that is *taxable Australian property:
(a) covered by item 1 or 3 of the table in section 855-15 ; or
(b) covered by item 4 of that table because it is an option or right to *acquire a *CGT asset covered by item 1 or 3 of that table.
104-160(4)
You make a capital gain if the *market value of the asset (at the time of the event) is more than its *cost base. You make a capital loss if that market value is less than the asset ' s *reduced cost base.
104-160(4A)
If the asset is an *indirect Australian real property interest, or an option or right to acquire such an interest, this Part and Part 3-3 apply to the asset as if the first element of the *cost base and *reduced cost base of the asset (just after the time of the event) were its *market value at the time of the event.
104-160(4B)
Subsection (4A) does not apply if the *capital gain or *capital loss you make is disregarded under subsection (5) or (6), or subsection 104-165(2) .
Exceptions
104-160(5)
A *capital gain or *capital loss you make is disregarded if you *acquired the asset before 20 September 1985.
104-160(6)
(Repealed by No 133 of 2009)
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.