Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) CGT event I1 happens if you stop being an Australian resident.
(2) The time of the event is when you stop being one.
(3) You need to work out if you have made a * capital gain or a * capital loss for each * CGT asset that you owned 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) You make a capital gain if the * market value of the asset (at the time of the event) is more than its * cost base. You make 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 you make is disregarded under subsection (5) or (6), or subsection 104 - 165(2).
Exceptions
(5) A * capital gain or * capital loss you make is disregarded if you * acquired the asset before 20 September 1985.