Document ID: chunk:federal_register_of_legislation:C2010C00260:clause:1_1:p10
Version: federal_register_of_legislation:C2010C00260
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 10/11)
Character Range: 23897–26474

(a) you owned just before you ceased to be a temporary resident; and
 (b) does not have the *necessary connection with Australia; and
 (c) you *acquired on or after 20 September 1985.

 (2) The first element of the *cost base and *reduced cost base of the asset (at the time you cease to be a *temporary resident) is its *market value at that time. This subsection has effect despite Subdivision 130‑D.

 (3) Also, Parts 3‑1 and 3‑3 apply to the asset as if you had *acquired it at the time you ceased to be a *temporary resident.

 (4) This section does not apply to a *share or right if:
 (a) it is a *qualifying share or a *qualifying right; and
 (b) you have not made an election under section 139E of the Income Tax Assessment Act 1936 covering the share or right; and
 (c) the *cessation time for the share or right has not occurred.

768‑960  Temporary resident not attributable taxpayer for purposes of controlled foreign companies rules

  For the purposes of Part X of the Income Tax Assessment Act 1936 (which deals with the attribution of income in respect of controlled foreign companies), you are taken not to be an *attributable taxpayer in relation to a *CFC or *CFT at any time you are a *temporary resident.

768‑965  Exemption of temporary resident from taxation in respect of foreign investment fund income

  If you are a *temporary resident at the end of an income year, section 529 and Division 22 of Part XI of the Income Tax Assessment Act 1936 do not apply to you in relation to a *FIF or *FLP in respect of the notional accounting period of the FIF or FLP that ends in that income year.

768‑970  Modification of rules for accruals system of taxation of certain non‑resident trust estates

  At any time when you are a *temporary resident, you are taken not to be a resident for the purposes of section 102AAZD of the Income Tax Assessment Act 1936.

768‑975  Calculation of beneficiary's share of net income of non‑resident trust estate

  At any time when you are a *temporary resident, you are taken not to be a resident for the purposes of subsection 96C(6) of the Income Tax Assessment Act 1936.

768‑980  Interest paid by temporary resident

  Interest that is paid by a *temporary resident:
 (a) is an amount to which section 128B (liability to withholding tax) of the Income Tax Assessment Act 1936 does not apply; and
 (b) is *non‑assessable non‑exempt income if the interest is:
 (i) *derived by a foreign resident; and
 (ii) is not derived from carrying on *business in Australia at or through a *permanent establishment in Australia.