Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 768.915

Certain capital gains and capital losses of temporary resident to be disregarded

             (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.



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