Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 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.

  (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.