Private ruling: Capital gains tax - Leaving Australia
Date of advice: 18 February 2020
Published: March 2020
Ruling period: Year ended 30 June 2018
Date scheme commenced: 1 July 2017

Ruling: Q1: Will the Commissioner accept for the purposes of section 104-160 of the Income Tax Assessment Act 1997 that the market value of the assets as at your date of departure from Australia was $Y? | A1: Yes. The Commissioner has considered the valuation provided and accepts that valuation reflects the market value.

Relevant facts and circumstances: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. You are a citizen of Country Z You have been a Permanent Resident Visa holder of Australia since 20XX. You have 100% ownership of a Company X. You are the CEO of Company X. You have since set up a Country W subsidiary company, which is wholly owned by Company X. You are an employee of Company W and from 20XX have been receiving wages into your Country W bank account. You left Australia on X XXXX and ceased to be an Australian resident as at that date. You provided a Valuation report for the assets.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-160