in summary, if you are not a resident, it seems like you probably don't need to pay tax in Australia on shares (which were only a passive investment) but may have to pay tax in Britain. best to check with an accountant or tax office in Britain about your British tax obligations
the actual legislation is below:
SECTION 855-10 Disregarding a capital gain or loss from CGT events
855-10(1)
Disregard a capital gain or capital loss from a CGT event if:
(a) you are a foreign resident...for CGT purposes, just before the CGT event happens; and
(b) the CGT event happens in relation to a CGT asset that is not taxable Australian property.
SECTION 855-15
There are 5 categories of*CGT assets that are taxable Australian property. They are set out in this table.
CGT assets that are taxable Australian property Item Description
1 Taxable Australian real property (see section 855-20)
2 A CGT asset that: (a) is an indirect Australian real property interest (see section 855-25); and (b) is not covered by item 5 of this table
3 A CGT asset that: (a) you have used at any time in carrying on a business through a permanent establishment (within the meaning of section 23AH of the Income Tax Assessment Act 1936) in Australia; and (b) is not covered by item 1, 2 or 5 of this table
4 An option or right to acquire a *CGT asset covered by item 1, 2 or 3 of this table
5 A CGT asset that is covered by subsection 104-165(3) (choosing to disregard a gain or loss on ceasing to be an Australian resident)
a foreign resident means a person who is not a resident of Australia for the purposes of the Income Tax Assessment Act 1936.
resident or resident of Australia means:
(a) a person, other than a company, who resides in Australia and includes a person:
(i) whose domicile is in Australia, unless the Commissioner is satisfied that the person's permanent place of abode is outside Australia;
(ii) who has actually been in Australia, continuously or intermittently, during more than one-half of the year of income, unless the Commissioner is satisfied that the person's usual place of abode is outside Australia and that the person does not intend to take up residence in Australia; or
(iii) who is:
(A) a member of the superannuation scheme established by deed under the Superannuation Act 1990; or
(B) an eligible employee for the purposes of the Superannuation Act 1976; or
(C) the spouse, or a child under 16, of a person covered by sub-subparagraph (A) or (B); and
(b) a company which is incorporated in Australia, or which, not being incorporated in Australia, carries on business in Australia, and has either its central management and control in Australia, or its voting power controlled by shareholders who are residents of Australia.
