CHAPTER 4
-
INTERNATIONAL ASPECTS OF INCOME TAX
History
Chapter 4 inserted by No 162 of 2001.
PART 4-5
-
GENERAL
History
Part 4-5 inserted by No 162 of 2001.
Division 768
-
Foreign non-assessable income and gains
History
Div 768 heading substituted by No 110 of 2014, s 3 and Sch 2 item 3, applicable to distributions and non-share dividends made after 16 October 2014. Div 768 heading formerly read:
Division 768
-
Exempt foreign income and gains
Div 768 inserted by No 96 of 2004.
Subdivision 768-R
-
Temporary residents
History
Subdiv 768-R inserted by No 32 of 2006, s 3 and Sch 1 item 1, effective 6 April 2006.
Operative provisions
SECTION 768-915
Certain capital gains and capital losses of temporary resident to be disregarded
768-915(1)
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.
History
S 768-915 amended by No 105 of 2015, s 3 and Sch 1 item 37, by inserting
"
(1)
"
before
"
A
"
, applicable in relation to ESS interests acquired on or after 1 July 2015.
768-915(2)
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.
History
S 768-915(2) inserted by No 105 of 2015, s 3 and Sch 1 item 38, applicable in relation to ESS interests acquired on or after 1 July 2015.
History
S 768-915 amended by
No 168 of 2006
, s 3 and Sch 4 items 88 and 89, by repealing the note and inserting
"
, or the capital gain or loss from the CGT event would have been disregarded under Division 855,
"
after
"
from the CGT event
"
, applicable to CGT events that happen on or after 12 December 2006. The note formerly read:
Note:
Division
136
deals with capital gains and capital losses by foreign residents.
S 768-915 inserted by No 32 of 2006, s 3 and Sch 1 item 1, applicable if the relevant CGT happens on or after 1 July 2006.