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).


 

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