Income Tax Assessment Act 1997



Division 855 - Capital gains and foreign residents  

Subdivision 855-A - Disregarding a capital gain or loss by foreign residents  

SECTION 855-35   Reducing a capital gain or loss from a business asset - Australian permanent establishments  


This section applies to a *CGT asset that is *taxable Australian property under item 3 of the table in section 855-15 because you have used it at any time in carrying on a *business through a permanent establishment (as mentioned in that item) in Australia.

The *capital gain or *capital loss you make from a *CGT event in relation to the asset is reduced if you used it in this way for only part of the period from when you *acquired it to when the CGT event happened.

The gain or loss is reduced by this fraction:

  Number of days the asset was not used
in the way described in subsection (1)
Number of days in that period


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