Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-D - Functional currency  

Operative provisions

SECTION 960-61   Functional currency for calculating capital gains and losses on indirect Australian real property interests  

960-61(1)    
Subsection (2) applies if:

(a) you are a foreign resident; and

(b) a * CGT event happens in relation to a * CGT asset that is an * indirect Australian real property interest for you; and

(c) the sole or predominant currency in which you keep your accounts at the time of the CGT event is a currency other than Australian currency.

960-61(2)    
You must use the * applicable functional currency to work out the amount of your * capital gain or * capital loss (if any).