Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 768.900

What this Subdivision is about

This Subdivision modifies the general tax rules for people in Australia who are temporary residents, whether Australian residents or foreign residents.

Generally foreign income derived by temporary residents is non - assessable non - exempt income and capital gains and losses they make are also disregarded for CGT purposes. There are some exceptions for employment - related income and capital gains on shares and rights acquired under employee share schemes.

Temporary residents are also partly relieved of record - keeping obligations in relation to the controlled foreign company rules.

Interest paid by temporary residents is not subject to withholding tax and may be non - assessable non - exempt income for a foreign resident.

Table of sections

Operative provisions

768 - 905   Objects

768 - 910   Income derived by temporary resident

768 - 915   Certain capital gains and capital losses of temporary resident to be disregarded

768 - 950   Individual becoming an Australian resident

768 - 955   Temporary resident who ceases to be temporary resident but remains an Australian resident

768 - 960   Temporary resident not attributable taxpayer for purposes of controlled foreign companies rules

768 - 970   Modification of rules for accruals system of taxation of certain non - resident trust estates

768 - 980   Interest paid by temporary resident


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