Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 802 - Foreign residents ' income with an underlying foreign source  

Subdivision 802-A - Conduit foreign income  

Operative provisions

SECTION 802-35   Capital gains and losses  

Capital gains

802-35(1)  
The entity ' s conduit foreign income includes these amounts:


(a) the amount by which a *capital gain of the entity is reduced because of the operation of section 768-505 ;


(b) a capital gain that is disregarded because of the operation of subsection 23AH(3) of the Income Tax Assessment Act 1936 ;


(c) the amount of a capital gain that is disregarded as a result of the operation of an *international tax sharing treaty.

Capital losses

802-35(2)  
The entity ' s conduit foreign income is reduced by these amounts:


(a) the amount by which a *capital loss of the entity is reduced because of the operation of section 768-505 ;


(b) a capital loss that is disregarded because of the operation of subsection 23AH(4) of the Income Tax Assessment Act 1936 ;


(c) the amount of a capital loss that is disregarded as a result of the operation of an *international tax sharing treaty.

Timing rule

802-35(3)  
The adjustments are made under this section at the end of the income year in which the *CGT event occurred.


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