INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 136 - Foreign residents  

Subdivision 136-A - Making a capital gain or loss  

SECTION 136-25   136-25   When an asset is taxable Australian property  


A CGT asset a company owns is taxable Australian property if:


(a) the company acquired the asset after 28 January 1988 and on or before 25 May 1988; and


(b) it acquired the asset as a result of a disposal (for the purposes of former Part IIIA of the Income Tax Assessment Act 1936 ) for which there was a roll-over under former section 160ZZN or 160ZZO of that Act; and


(c) that disposal was by:


(i) an entity that was not a trustee, and not a resident of Australia for the purposes of that Act; or

(ii) an entity that was a trustee of a trust that was not a resident trust estate, or a resident unit trust, for the purposes of that Act.



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