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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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