If you become an Australian tax resident, say 1 January 2025, I understand that UK shares purchased while you were foreign resident take on a CGT cost base based on the market value of the shares on the date you become an Australian tax resident, e.g. 1 January 2025 as you are deemed to have acquired them on that date, even if they were purchased across multiple years prior to that date.
Does this mean you then have to hold the shares for 12 months after becoming an Australian tax resident to get the 12 month ownership CGT discount? Or does the true period of holding count when calculating eligibility for the CGT discount? Eg if purchased on say 1 Jan 2020, became Aus tax resident 1 Jan 2025 and sold 31 May 2025, you would be eligible for the 50% CGT discount as 1. Australian tax resident; 2. Owned the shares 4 years and 5 months total, despite only held 5 months after becoming Australian tax resident and deemed to acquire for Aus tax purposes?
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