INCOME TAX ASSESSMENT ACT 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 855 - Capital gains and foreign residents  

Subdivision 855-A - 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.