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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 104 - CGT events  

Subdivision 104-I - Australian residency ends  

SECTION 104-160  Individual or company stops being an Australian resident: CGT event I1  

 ITAA 36

104-160(1)  

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CGT event I1 happens if you stop being an Australian resident.

104-160(2)  

The time of the event is when you stop being one.

104-160(3)  

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You need to work out if you have made a *capital gain or a *capital loss for each *CGT asset that you owned just before the time of the event, except one that is *taxable Australian property:


(a) covered by item 1 or 3 of the table in section 855-15; or


(b) covered by item 4 of that table because it is an option or right to *acquire a *CGT asset covered by item 1 or 3 of that table.

104-160(4)  

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You make a capital gain if the *market value of the asset (at the time of the event) is more than its *cost base. You make a capital loss if that market value is less than the asset's *reduced cost base.

104-160(4A)  

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If the asset is an *indirect Australian real property interest, or an option or right to acquire such an interest, this Part and Part 3-3 apply to the asset as if the first element of the *cost base and *reduced cost base of the asset (just after the time of the event) were its *market value at the time of the event.

104-160(4B)  

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Subsection (4A) does not apply if the *capital gain or *capital loss you make is disregarded under subsection (5) or (6), or subsection 104-165(2).

Exceptions

104-160(5)  

A *capital gain or *capital loss you make is disregarded if you *acquired the asset before 20 September 1985.

104-160(6)  

(Repealed by No 133 of 2009)


 



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