Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 1/22)
Character Range: 2146459–2149223

2                              falls short of the amount of the *discount capital gain               worked out under subsection (5).

 (5) For the purposes of table item 2 in subsection (4), the following (expressed as a percentage) is the percentage resulting from this section:

where:
apportionable day means a day, after 8 May 2012, during the discount testing period.
eligible resident means an Australian resident who is not a *temporary resident.
excess means the excess from paragraph (4)(d).
shortfall means the amount that the excess falls short of the amount of the *discount capital gain.
Note: Subsection 115‑105(3) or 115‑110(3) may change your residency status for this formula.

Periods starting earlier—other residents not choosing market value
 (6) If:
 (a) the discount testing period starts on or before 8 May 2012; and
 (b) you were a foreign resident or *temporary resident on 8 May 2012; and
 (c) subsection (4) does not apply;
the following (expressed as a percentage) is the percentage resulting from this section:
where:
apportionable day means a day, after 8 May 2012, during the discount testing period.
Note 1: The percentage will be 0% if you were a foreign resident or temporary resident on each of the apportionable days.
Note 2: Subsection 115‑105(3) or 115‑110(3) may change your residency status for this formula.

115‑120  Foreign or temporary residents—trusts with certain gains
 (1) The object of this section is to adjust the discount percentage so as to deny a trustee a discount for a *capital gain for which the trustee is liable:
 (a) to be assessed; and
 (b) to pay tax;
under section 98 of the Income Tax Assessment Act 1936 in relation to the trust estate in respect of a beneficiary to the extent that the beneficiary was a foreign resident or *temporary resident.
 (2) This section applies to a *discount capital gain of a trust estate if:
 (a) you are the trustee of that trust; and
 (b) section 115‑220 applies to you in relation to the discount capital gain and a beneficiary of the trust who is an individual.
 (3) The percentage resulting from this section is the same as the *discount percentage for the corresponding *discount capital gain the beneficiary would have made for the purposes of Division 102 had section 115‑215 applied to the beneficiary.

115‑125  Investors disposing of property used for affordable housing

Object
 (1) The object of this section is to increase the discount percentage to the extent that the *discount capital gain relates to a *dwelling used to *provide affordable housing.

When this section applies
 (2) This section applies to a *discount capital gain if:
 (a) you are an individual; and
 (b) either:
 (i) you make the discount capital gain from a *CGT event happening in