Income Tax Assessment Act 1997
CHAPTER 6
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THE DICTIONARY
PART 6-1
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CONCEPTS AND TOPICS
Division 960
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General
Subdivision 960-D
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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).
View history note
Hide history noteSECTION 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).
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