Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 855.45

  (1)   If you become an Australian resident, there are rules relevant to each * CGT asset that you owned just before you became an Australian resident, except an asset:

  (a)   that is * taxable Australian property; or

  (b)   that you * acquired before 20   September 1985.

Note:   This section has effect subject to section   768 - 950 (individuals who become Australian residents and are temporary residents immediately after they become Australian residents).

  (2)   The first element of the * cost base and * reduced cost base of the asset (at the time you become an Australian 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 became an Australian 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.