Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS

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Division 104 - CGT events

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Subdivision 104-I - Australian residency ends

SECTION 104-160 Individual or company stops being an Australian resident: CGT event I1

104-160(1)

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CGT event I1 happens if you stop being an Australian resident.

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104-160(2)
The time of the event is when you stop being one.

104-160(3)

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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.

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104-160(4)

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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)

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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.

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104-160(4B)

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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) .

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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(Repealed by No 133 of 2009)

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History

S 104-160(6) repealed by No 133 of 2009, s 3 and Sch 1 item 28, applicable in relation to the ESS interests mentioned in subsections 83A-5(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 . S 104-160(6) formerly read:

104-160(6)
A *capital gain or *capital loss you make is disregarded if:

(a) the asset is a *qualifying share or *qualifying right; and

(b) the asset is not covered by an election under section 139E of the Income Tax Assessment Act 1936 ; and

(c) the *cessation time for the share or right has not occurred.
Note 1:

An individual may be able [ to ] disregard the gain or loss if he or she was a short term Australian resident: see section 104-166 .

Note 1A:

An individual may disregard the gain or loss if he or she was a temporary resident immediately before he or she stopped being an Australian resident: see section 768-915 .

Note 2:

An individual can choose to disregard a capital gain or loss he or she makes until another CGT event happens in relation to the asset where he or she ceases to own the asset or he or she becomes an Australian resident again: see section 104-165 .

S 104-160(6) amended by No 168 of 2006 , s 3 and Sch 4 item 5, by inserting " where he or she ceases to own the asset " after " in relation to the asset " in Note 2, applicable to CGT events that happen on or after 12 December 2006.

S 104-160(6) amended by No 32 of 2006, s 3 and Sch 1 items 18 and 19, by substituting " section 104-166 " for " section 104-165 " in Note 1 and inserting Note 1A, effective 6 April 2006.

S 104-160(6) inserted at the end (before Note 1) by No 64 of 2005.

S 104-160 amended by No 41 of 2005 and inserted by No 46 of 1998.

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