Document ID: chunk:federal_register_of_legislation:C2025C00029:section:7:p20
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 7 (pt 20/40)
Character Range: 1872635–1875206

that day until you stop being one, and you were an Australian resident for less than 5 years during the 10 years before you stopped being one, see section 104‑166 of the Income Tax (Transitional Provisions) Act 1997.

104‑170  Trust stops being a resident trust: CGT event I2
 (1) CGT event I2 happens if a trust stops being a *resident trust for CGT purposes.
 (2) The time of the event is when the trust stops being one.
 (3) The trustee needs to work out if it has made a *capital gain or a *capital loss for each *CGT asset that it owned (in the capacity as trustee of the trust) just before the time of the event except one that is *taxable Australian property:
 (a) covered by item 1 or 3 of the table in section 855‑15; or
 (b) covered by item 4 of that table because it is an option or right to *acquire a *CGT asset covered by item 1 or 3 of that table.
 (4) The trustee makes a capital gain if the *market value of the asset (at the time of the event) is more than the asset's *cost base. The trustee makes a capital loss if that market value is less than the asset's *reduced cost base.
 (4A) If the asset is an *indirect Australian real property interest, or an option or right to acquire such an interest, this Part and Part 3‑3 apply to the asset as if the first element of the *cost base and *reduced cost base of the asset (just after the time of the event) were its *market value at the time of the event.
 (4B) Subsection (4A) does not apply if the *capital gain or *capital loss the trustee makes is disregarded under subsection (5).

Exception
 (5) A *capital gain or *capital loss the trustee makes is disregarded if it *acquired the asset before 20 September 1985.

Subdivision 104‑J—CGT events relating to roll‑overs

Table of sections
104‑175 Company ceasing to be member of wholly‑owned group after roll‑over: CGT event J1
104‑180 Sub‑group break‑up
104‑182 Consolidated group break‑up
104‑185 Change in relation to replacement asset or improved asset after a roll‑over under Subdivision 152‑E: CGT event J2
104‑190 Replacement asset period
104‑195 Trust failing to cease to exist after roll‑over under Subdivision 124‑N: CGT event J4
104‑197 Failure to acquire replacement asset and to incur fourth element expenditure after a roll‑over under Subdivision 152‑E: CGT event J5
104‑198 Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain: CGT event J6

104‑175  Company ceasing to be member of wholly‑owned group after roll‑over: CGT event J1
 (1) CGT event J1