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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 115 - Discount capital gains and trusts' net capital gains    View history reference

Subdivision 115-B - Discount percentage    View history reference

SECTION 115-105  Foreign or temporary residents - individuals with direct gains  

 View history reference

Object

115-105(1)  

The object of this section (with section 115-115) is to adjust the discount percentage so as to deny you a discount to the extent that you accrued a *capital gain while a foreign resident or *temporary resident.

When this section applies

115-105(2)  

This section applies to a *discount capital gain if:


(a) you are an individual; and


(b) you *acquire a *CGT asset; and


(c) you make the discount capital gain from a *CGT event happening in relation to the CGT asset; and


(d) the period (the discount testing period):


(i) starting on the day you acquired the CGT asset; and

(ii) ending on the day the CGT event happens;
ends after 8 May 2012; and


(e) you were a foreign resident or *temporary resident during some or all of so much of that period as is after 8 May 2012.

Note:

Section 115-30 has special rules about when assets are acquired.

Changed residency status

115-105(3)  

For the purposes of this section and section 115-115, if:


(a) another individual owned the *CGT asset on a particular day before the discount testing period ends; and


(b) on that day, that individual was one of the following (that individual's residency status):


(i) an Australian resident (but not a *temporary resident);

(ii) a temporary resident;

(iii) a foreign resident; and


(c) section 115-30 treats you as having *acquired the CGT asset when that individual, or an earlier owner of the CGT asset, acquired it;

you are treated as having the same residency status on that day as that individual had on that day.


 



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