Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 768.955

Temporary resident who ceases to be temporary resident but remains an Australian resident

             (1)  If you are a * temporary resident and you then cease to be a temporary resident (but remain, at that time, an Australian resident), there are rules relevant to each * CGT asset that:

                     (a)  you owned just before you ceased to be a temporary resident; and

                     (b)  is not * taxable Australian property; and

                     (c)  you * acquired on or after 20 September 1985.

             (2)  The first element of the * cost base and * reduced cost base of the asset (at the time you cease to be a * temporary resident) is its * market value at that time.

             (3)  Also, Parts 3-1 and 3-3 apply to the asset as if you had * acquired it at the time you ceased to be a * temporary resident.

             (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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