INCOME TAX ASSESSMENT ACT 1997 - SECT 230.490 Effect of change of residence--disposal and reacquisition etc. after ceasing to be Australian resident where no further recognised gains or losses from arrangement

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.490

  (1)   This section applies if:

  (a)   you cease to be an Australian resident at a particular time (the residence change time ); and

  (b)   you have a * financial arrangement at the residence change time; and

  (c)   at the residence change time you expect that any gains and losses you make from the arrangement after that time will not be assessable or deductible under this Division.

  (2)   You are taken for the purposes of this Division:

  (a)   to have disposed of the arrangement just before that time for its fair value just before that time; and

  (b)   to have acquired the arrangement again at the residence change time for its fair value at that time.