Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if section 115 - 105 or 115 - 110 applies to a * discount capital gain.
Periods starting after 8 May 2012
(2) If the discount testing period starts after 8 May 2012, the following (expressed as a percentage) is the percentage resulting from this section:
Note 1: The percentage will be 0% if you were a foreign resident or temporary resident during all of the discount testing period.
Note 2: Subsection 115 - 105(3) or 115 - 110(3) may change your residency status for this formula.
Periods starting earlier--Australian residents
(3) If:
(a) the discount testing period starts on or before 8 May 2012; and
(b) you were an Australian resident (but not a * temporary resident) on 8 May 2012;
the following (expressed as a percentage) is the percentage resulting from this section:
where:
"apportionable day" means a day, after 8 May 2012, during the discount testing period.
Note: Subsection 115 - 105(3) or 115 - 110(3) may change your residency status for this formula.
Periods starting earlier--other residents may choose market value
(4) The percentage resulting from this section is worked out from the following table if:
(a) the discount testing period starts on or before 8 May 2012; and
(b) you were a foreign resident or * temporary resident on 8 May 2012; and
(c) the most recent * acquisition (before the * CGT event) of the * CGT asset happened on or before 8 May 2012; and
(d) the CGT asset's * market value on 8 May 2012 exceeds the amount that was its * cost base at the end of that day; and
(e) you choose for this subsection to apply.
Note 1: The CGT event and CGT asset are those expressly or impliedly referred to in section 115 - 105 or 115 - 110.
Note 2: Section 115 - 30 has special rules about when assets are acquired.
Percentage using market value | ||
Item | Column 1 | Column 2 then, the percentage is: |
1 | is equal to or greater than the amount of the * discount capital gain | 50%. |
2 | falls short of the amount of the * discount capital gain | worked out under subsection (5). |
(5) For the purposes of table item 2 in subsection (4), the following (expressed as a percentage) is the percentage resulting from this section:
where:
"apportionable day" means a day, after 8 May 2012, during the discount testing period.
"eligible resident" means an Australian resident who is not a * temporary resident.
"excess" means the excess from paragraph (4)(d).
"shortfall" means the amount that the excess falls short of the amount of the * discount capital gain.
Note: Subsection 115 - 105(3) or 115 - 110(3) may change your residency status for this formula.
Periods starting earlier--other residents not choosing market value
(6) If:
(a) the discount testing period starts on or before 8 May 2012; and
(b) you were a foreign resident or * temporary resident on 8 May 2012; and
(c) subsection (4) does not apply;
the following (expressed as a percentage) is the percentage resulting from this section:
where:
"apportionable day" means a day, after 8 May 2012, during the discount testing period.
Note 1: The percentage will be 0% if you were a foreign resident or temporary resident on each of the apportionable days.
Note 2: Subsection 115 - 105(3) or 115 - 110(3) may change your residency status for this formula.