INCOME TAX ASSESSMENT ACT 1997 - SECT 104.165 Exception for individuals

INCOME TAX ASSESSMENT ACT 1997 - SECT 104.165

Choosing to disregard making a gain or loss

  (2)   If you are an individual, you can choose to disregard making a * capital gain or a * capital loss from all * CGT assets covered by * CGT event I1.

  (3)   If you do so choose, each of those assets is taken to be * taxable Australian property until the earlier of:

  (a)   a * CGT event happening in relation to the asset, if the CGT event involves you ceasing to own the asset;

  (b)   you again becoming an Australian resident.

Note:   If you are an individual who was in Australia on 6   April 2006, and you remain an Australian resident from 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 .