Document ID: chunk:federal_register_of_legislation:C2015C00124:clause:7_3:p1
Version: federal_register_of_legislation:C2015C00124
Segment Type: clause
Provision Reference: sch 7 cl 3 (pt 1/2)
Character Range: 111402–114907

3                                        your trust is not a *fixed trust and the relevant trust gain is referable (either directly or indirectly through one or more interposed trusts that are not fixed trusts) to a *capital gain made by a fixed trust                                                                   the period:
                                                                                                                                                                                                                                                                                                                              (a) starting on the most recent day (before your gain day) that the trust whose capital gain is directly referable to the capital gain made by the fixed trust became a beneficiary of the fixed trust; and
                                                                                                                                                                                                                                                                                                                              (b) ending on your gain day.

Note: Section 115‑30 has special rules about when assets (including membership interests in trusts) are acquired.

Changed residency status
 (3) For the purposes of this section and section 115‑115, if:
 (a) your trust is a *fixed trust and another individual owned your *membership interest in your trust on a particular day before the discount testing period ends; and
 (b) on that day, that individual was one of the following (that individual's residency status):
 (i) an Australian resident (but not a *temporary resident);
 (ii) a temporary resident;
 (iii) a foreign resident; and
 (c) section 115‑30 treats you as having *acquired your membership interest in your trust when that individual, or an earlier owner of that membership interest, acquired it;
you are treated as having the same residency status on that day as that individual had on that day.

115‑115  Foreign or temporary residents—percentage for individuals
 (1) This section applies if section 115‑105 or 115‑110 applies to a *discount capital gain.

Periods starting after 8 May 2012
 (2) If the discount testing period starts after 8 May 2012, the following (expressed as a percentage) is the percentage resulting from this section:

Note 1: The percentage will be 0% if you were a foreign resident or temporary resident during all of the discount testing period.
Note 2: Subsection 115‑105(3) or 115‑110(3) may change your residency status for this formula.

Periods starting earlier—Australian residents
 (3) If:
 (a) the discount testing period starts on or before 8 May 2012; and
 (b) you were an Australian resident (but not a *temporary resident) on 8 May 2012;
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: Subsection 115‑105(3) or 115‑110(3) may change your residency status for this formula.

Periods starting earlier—other residents may choose market value
 (4) The percentage resulting from this section is worked out from the following table 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) the most recent *acquisition (before the *CGT event) of the *CGT asset happened on