Income Tax Assessment Act 1997



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  

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.

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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