Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p4
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 4/16)
Character Range: 7564675–7567267

each *CGT asset that you owned just before you became an Australian resident, except an asset:
 (a) that is *taxable Australian property; or
 (b) that you *acquired before 20 September 1985.
Note: This section has effect subject to section 768‑950 (individuals who become Australian residents and are temporary residents immediately after they become Australian residents).
 (2) The first element of the *cost base and *reduced cost base of the asset (at the time you become an Australian resident) is its *market value at that time.
 (3) Also, Parts 3‑1 and 3‑3 apply to the asset as if you had *acquired it at the time you became an Australian resident.
 (4) This section does not apply to an *ESS interest if:
 (a) Subdivision 83A‑C (about employee share schemes) applies to the interest, and the *ESS deferred taxing point for the interest has not yet occurred; or
 (b) the provisions referred to in paragraphs 83A‑33(1)(a) to (c) (about start ups) apply to the ESS interest.

855‑50  Trust becomes a resident trust
 (1) If a trust becomes a *resident trust for CGT purposes, there are rules relevant to each *CGT asset that the trustee owned just before the trust became a resident trust for CGT purposes, except one:
 (a) that is *taxable Australian property; or
 (b) that the trustee *acquired before 20 September 1985.
 (2) The first element of the *cost base and *reduced cost base of the asset (at the time the trust becomes a *resident trust for CGT purposes) is its *market value at that time.
 (3) Also, Parts 3‑1 and 3‑3 apply to the asset as if the trustee had *acquired it at the time the trust became a *resident trust for CGT purposes.

Exception
 (4) This section does not apply to a trust if, just before it became a *resident trust for CGT purposes, it was a *CFT because of paragraph 342(a) of the Income Tax Assessment Act 1936.
Note: This section is disregarded in calculating the attributable income of a trust: see section 102AAZB of the Income Tax Assessment Act 1936.

855‑55  CFC becomes an Australian resident
 (1) This section applies to a *CFC that stops at a time (the residence change time) being a resident of a *listed country or an *unlisted country and becomes an Australian resident.
 (2) Section 855‑45 does not apply to the *CFC.
 (3) The modifications of Parts 3‑1 and 3‑3 of this Act in sections 411 to 414 of the Income Tax Assessment Act 1936 have the effect they would have, in relation to each *commencing day asset owned by the *CFC at the residence change time, if those modifications were used to work out the taxable income of the CFC rather