Private ruling: CGT - temporary resident
Date of advice: 18 October 2021
Published: January 2022
Ruling period: Income year ending 30 June 20XX.
Date scheme commenced: 1 July 20XX.

Ruling: Q1: Can you disregard any capital gains or capital losses made on the disposal of any of the Shares during the ruling period? | A1: Yes. You will be able to disregard any capital gain or capital loss made on the disposal of any of the Shares under section 768-915 of the ITAA 1997 because: • You were a temporary resident of Australia for the ruling period; and • The Shares were non-taxable Australian property.

Relevant facts and circumstances: While you were overseas you applied for a visa to enable you to come to Australia, which was granted. You came to Australia and have applied for further visas to enable you to stay in Australia. You were a Temporary resident during the ruling period. You purchased and sold shares (the Shares) during the ruling period. The Shares were non-taxable Australian property. Your share activities during the ruling period did not constitute the carrying on of a business.

Relevant legislative provisions: Income Tax Assessment Act 1997 Subdivision 768-R | Income Tax Assessment Act 1997 Section 768-915 | Income Tax Assessment Act 1997 Division 855 | Income Tax Assessment Act 1997 Section 995-1