Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If you become an Australian resident, there are rules relevant to each * CGT asset that you owned just before you became an Australian resident, except an asset:
(a) that is * taxable Australian property; or
(b) that you * acquired before 20 September 1985.
Note: This section has effect subject to section 768 - 950 (individuals who become Australian residents and are temporary residents immediately after they become Australian residents).
(2) The first element of the * cost base and * reduced cost base of the asset (at the time you become an Australian 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 became an Australian 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.