(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.
(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.