Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_14:p26
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 14 (pt 26/40)
Character Range: 97835–100424

may be able disregard the gain or loss if he or she was a short term resident: see section 104‑165.

Note 2: An individual can choose to disregard a capital gain or loss he or she makes until another CGT event happens in relation to the asset or he or she becomes a resident again: see section 104‑165.

104‑165  Exception for individual who stops being resident

Short term residents

 (1) A *capital gain or *capital loss from a *CGT asset covered by *CGT event I1 is disregarded if you are an individual and you were an *Australian resident for less than 5 years during the 10 years before you stopped being one and:

 (a) you owned the asset before last becoming one; or

 (b) you *acquired the asset (after last becoming one) because of someone's death.

Choosing to disregard making a gain or loss

 (2) If you are an individual, you can choose to disregard making a *capital gain or a *capital loss from all *CGT assets covered by *CGT event I1.

 (3) If you do so choose, each of those assets is taken to have the *necessary connection with Australia until the earlier of:

 (a) a *CGT event happening in relation to the asset;

 (b) you again becoming an *Australian resident.

104‑170  Trust stops being a resident trust: CGT event I2

 (1) CGT event I2 happens if a trust stops being a *resident trust for CGT purposes.

 (2) The time of the event is when the trust stops being one.

 (3) The trustee needs to work out if it has made a *capital gain or a *capital loss for each *CGT asset that it owned (in the capacity as trustee of the trust) just before the time of the event (except one having the *necessary connection with Australia).

 (4) The trustee makes a capital gain if the market value of the asset (at the time of the event) is more than the asset's *cost base. The trustee makes a capital loss if that market value is less than the asset's *reduced cost base.

Exception

 (5) A *capital gain or *capital loss the trustee makes is disregarded if it *acquired the asset before 20 September 1985.

Subdivision 104‑J—Reversal of roll‑overs

Table of sections

104‑175 Company ceasing to be member of wholly‑owned group after roll‑over: CGT event J1
104‑180 Sub‑group break‑up

104‑175  Company ceasing to be member of wholly‑owned group after roll‑over: CGT event J1

 (1) CGT event J1 happens if:

 (a) there is a roll‑over under Subdivision 126‑B for a *CGT event (the roll‑over event) that happens in relation to a *CGT asset (the roll‑over asset) involving 2 companies that are members of the same *wholly‑owned group; and

 (b) the