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  • Mandatory application of functional currency for CGT

    Foreign residents and trustees of foreign trusts for capital gains tax (CGT) purposes are required to apply the functional currency rules if both of the following occur:

    • a CGT event happens in relation to their indirect Australian real property interest
    • accounts are kept in a foreign currency at the time.

    This requirement applies to CGT events that happen on or after 12 December 2006.

      Last modified: 22 Jul 2022QC 17626