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INCOME TAX ASSESSMENT ACT 1997 - SECT 115.115

Foreign or temporary residents--percentage for individuals

             (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

If the excess from paragraph (d):

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.



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