Document ID: chunk:federal_register_of_legislation:C2010C00261:clause:4_109
Version: federal_register_of_legislation:C2010C00261
Segment Type: clause
Provision Reference: sch 4 cl 109
Character Range: 58105–59505

109  After Subdivision 104‑G
Insert:

Subdivision 104‑I—Australian residency ends

104‑165  Choices made under subsection 104‑165(2) of the Income Tax Assessment Act 1997

 (1) This section applies if:
 (a) a choice was made under subsection 104‑165(2) of the Income Tax Assessment Act 1997; and
 (b) because of the choice, an asset is taken to have the necessary connection with Australia under subsection 104‑165(3) of the Income Tax Assessment Act 1997 just before the commencement of Schedule 4 of the Tax Laws Amendment (2006 Measures No. 4) Act 2006.

 (2) To avoid doubt, the choice has effect for the purposes of subsection 104‑165(3) of the Income Tax Assessment Act 1997 as in force on and after that commencement.

Note: This means that the asset will be taxable Australian property under the Income Tax Assessment Act 1997 as in force on and after that commencement.

104‑166  Subsection 104‑165(1) still applies if you continue to be a short term Australian resident

  Subsection 104‑165(1) of the Income Tax Assessment Act 1997 continues to apply, despite its repeal by item 20 of Schedule 1 to the Tax Laws Amendment (2006 Measures No. 1) Act 2006, to an individual:
 (a) who is in Australia on the day on which that item receives the Royal Assent; and
 (b) who remains an Australian resident from that day until the time subsection 104‑165(1) is applied in respect of him or her.