Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p9
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 9/20)
Character Range: 6813644–6816321

resident (but remain, at that time, an Australian resident), there are rules relevant to each *CGT asset that:
 (a) you owned just before you ceased to be a temporary resident; and
 (b) is not *taxable Australian property; and
 (c) you *acquired on or after 20 September 1985.
 (2) The first element of the *cost base and *reduced cost base of the asset (at the time you cease to be a *temporary resident) is its *market value at that time.
 (3) Also, Parts 3‑1 and 3‑3 apply to the asset as if you had *acquired it at the time you ceased to be a *temporary resident.
 (4) This section does not apply to an *ESS interest if:
 (a) Subdivision 83A‑C (about employee share schemes) applies to the interest, and the *ESS deferred taxing point for the interest has not yet occurred; or
 (b) the provisions referred to in paragraphs 83A‑33(1)(a) to (c) (about start ups) apply to the ESS interest.

768‑960  Temporary resident not attributable taxpayer for purposes of controlled foreign companies rules
  For the purposes of Part X of the Income Tax Assessment Act 1936 (which deals with the attribution of income in respect of controlled foreign companies), you are taken not to be an *attributable taxpayer in relation to a *CFC or *CFT at any time you are a *temporary resident.

768‑970  Modification of rules for accruals system of taxation of certain non‑resident trust estates
  At any time when you are a *temporary resident, you are taken not to be a resident for the purposes of section 102AAZD of the Income Tax Assessment Act 1936.

768‑980  Interest paid by temporary resident
  Interest that is paid by a *temporary resident:
 (a) is an amount to which section 128B (liability to withholding tax) of the Income Tax Assessment Act 1936 does not apply; and
 (b) is *non‑assessable non‑exempt income if the interest is:
 (i) *derived by a foreign resident; and
 (ii) is not derived from carrying on *business in Australia at or through a *permanent establishment in Australia.

Division 770—Foreign income tax offsets

Table of Subdivisions
 Guide to Division 770
770‑A Entitlement rules for foreign income tax offsets
770‑B Amount of foreign income tax offset
770‑C Rules about payment of foreign income tax
770‑D Administration

Guide to Division 770

770‑1  What this Division is about

      You may get a non‑refundable tax offset for foreign income tax paid on your assessable income.
      There is a limit on the amount of the tax offset.
      A resident of a foreign country does not get the offset for some foreign income taxes.
      You may also get the offset for foreign income tax paid on some amounts that are not taxed in Australia.

770‑5  Object
 (1)