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INCOME TAX ASSESSMENT ACT 1997 - SECT 115.105

Foreign or temporary residents--individuals with direct gains

Object

             (1)  The object of this section (with section 115- 115) is to adjust the discount percentage so as to deny you a discount to the extent that you accrued a * capital gain while a foreign resident or * temporary resident.

When this section applies

             (2)  This section applies to a * discount capital gain if:

                     (a)  you are an individual; and

                     (b)  you * acquire a * CGT asset; and

                     (c)  you make the discount capital gain from a * CGT event happening in relation to the CGT asset; and

                     (d)  the period (the discount testing period ):

                              (i)  starting on the day you acquired the CGT asset; and

                             (ii)  ending on the day the CGT event happens;

                            ends after 8 May 2012; and

                     (e)  you were a foreign resident or * temporary resident during some or all of so much of that period as is after 8 May 2012.

Note:          Section 115-30 has special rules about when assets are acquired.

Changed residency status

             (3)  For the purposes of this section and section 115- 115, if:

                     (a)  another individual owned the * CGT asset on a particular day before the discount testing period ends; and

                     (b)  on that day, that individual was one of the following (that individual's residency status ):

                              (i)  an Australian resident (but not a * temporary resident);

                             (ii)  a temporary resident;

                            (iii)  a foreign resident; and

                     (c)  section 115-30 treats you as having * acquired the CGT asset when that individual, or an earlier owner of the CGT asset, acquired it;

you are treated as having the same residency status on that day as that individual had on that day.



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