Income Tax Assessment Act 1997
CHAPTER 4
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INTERNATIONAL ASPECTS OF INCOME TAX
The objects of this Subdivision are to improve:
(a) Australia's status as an attractive place for business and investment; and
(b) the integrity of Australia's capital gains tax base. 855-5(2)
This is achieved by:
(a) aligning Australia's tax laws with international practice; and
(b) ensuring interests in an entity remain subject to Australia's capital gains tax laws if the entity's underlying value is principally derived from Australian real property.
PART 4-5
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GENERAL
Division 855
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Capital gains and foreign residents
Subdivision 855-A
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Disregarding a capital gain or loss by foreign residents
SECTION 855-5
Objects of this Subdivision
855-5(1)
The objects of this Subdivision are to improve:
(a) Australia's status as an attractive place for business and investment; and
(b) the integrity of Australia's capital gains tax base. 855-5(2)
This is achieved by:
(a) aligning Australia's tax laws with international practice; and
(b) ensuring interests in an entity remain subject to Australia's capital gains tax laws if the entity's underlying value is principally derived from Australian real property.
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