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CGT event, when exactly

Initiate

Views 525

Replies 1

I moved overseas back in March. I flew on a Wednesday while being on vacation from my australian job, and was paid until that Friday. The subsequent Monday I started my new job. Meanwhile I held US-stocks, which I eventually (in June) transferred overseas.

I have to pay capital gains tax as if I sold the stock when no longer being an Australian resident for tax purposes. The stock price changed a lot during these days in March (covid crash). So the question is exactly which date/stock price I should use?

Currently I'm guessing I have the choise between the closing price on the Friday and the opening price on the Monday, but I'm not certain.

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @Lars_M 

 

Information under Ceasing to be an Australian resident says if you cease being an Australian resident.... you're taken to have disposed of assets that are not taxable Australian property for their market value at the time you ceased being a resident. Whatever is the most reasonable and closest to the event should allow you to establish the valuation.  Helpful also is  When you leave Australia

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1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @Lars_M 

 

Information under Ceasing to be an Australian resident says if you cease being an Australian resident.... you're taken to have disposed of assets that are not taxable Australian property for their market value at the time you ceased being a resident. Whatever is the most reasonable and closest to the event should allow you to establish the valuation.  Helpful also is  When you leave Australia

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