Income Tax Assessment Act 1997
View history note
Hide history noteIf you become an Australian resident, there are rules relevant to each *CGT asset that you owned just before you became an Australian resident, except an asset:
(a) that is *taxable Australian property; or
(b) that you *acquired before 20 September 1985.
Note:
This section has effect subject to section 768-950 (individuals who become Australian residents and are temporary residents immediately after they become Australian residents).
855-45(2)
The first element of the *cost base and *reduced cost base of the asset (at the time you become an Australian resident) is its *market value at that time.
855-45(3)
Also, Parts 3-1 and 3-3 apply to the asset as if you had *acquired it at the time you became an Australian resident.
855-45(4)
This section does not apply to an *ESS interest if:
(a) Subdivision 83A-C (about employee share schemes) applies to the interest, and the *ESS deferred taxing point for the interest has not yet occurred; or
(b) the provisions referred to in paragraphs 83A-33(1)(a) to (c) (about start ups) apply to the ESS interest.
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