Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_2:p2
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 2/3)
Character Range: 470417–473925

Subdivisions

 Guide to Division 136

136‑A Making a capital gain or loss

136‑B Becoming a resident

Guide to Division 136

136‑1  What this Division is about

      A non‑resident makes a capital gain or loss only if a CGT event happens to a CGT asset that has the necessary connection with Australia. There are also rules dealing with what happens when a non‑resident becomes a resident.

Subdivision 136‑A—Making a capital gain or loss

Table of sections

136‑5 What if you are a non‑resident just before a CGT event
136‑10 Making a capital gain or loss from most CGT events
136‑15 Making a capital gain or loss from CGT events D1 and E9
136‑20 Those events you cannot make a capital gain or loss from
136‑25 When an asset has the necessary connection with Australia
136‑30 Reducing a capital gain or loss from a business asset

[This is the end of the Guide.]

136‑5  What if you are a non‑resident just before a CGT event

  This Subdivision sets out what happens if just before a *CGT event happens:

 (a) you are an individual or a company that is not an Australian resident; or

 (b) you are the trustee of a trust that is not a *resident trust for CGT purposes.

136‑10  Making a capital gain or loss from most CGT events

  You make a *capital gain or *capital loss from a *CGT event set out in this table only if the thing referred to in the relevant row of the table has the *necessary connection with Australia.

  The last column lists each category of *CGT asset having the *necessary connection with Australia that is relevant to the event.

Note 1: Special rules apply to CGT events D1 and E9: see section 136‑15.

Note 2: There are some CGT events for which you cannot make a capital gain or loss: see section 136‑20.

Note 3: For the categories of CGT assets having the necessary connection with Australia: see section 136‑25.

Non‑resident gains and losses
Event number                                                                       This has the necessary connection with Australia:                           Category of CGT asset:
                               Description of event:
A1                             Disposal of a CGT asset                             the CGT asset                                                               1 to 8
B1                             Use and enjoyment before title passes               the CGT asset                                                               1, 2
C1                             Loss or destruction of a CGT asset                  the CGT asset                                                               1, 2
C2                             Cancellation, surrender and similar endings         the CGT asset                                                               1 to 8
D2                             Granting an option                                  the option                                                                  7
E1                             Creating a trust over a CGT asset                   the CGT asset                                                               1 to 8
E2                             Transferring a CGT asset to a trust                 the CGT asset                                                               1 to 8
E3                             Converting a trust to a unit trust                  the CGT asset                                                               1 to 8
E4                             Capital payment for trust