Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 880 - Sovereign entities and activities  

Subdivision 880-C - Sovereign immunity  

Operative provisions

SECTION 880-115  

880-115   Sovereign entity ' s capital gain from membership interest etc. - gain disregarded  

Disregard a *capital gain of a *sovereign entity from a *CGT event that happens in relation to a *CGT asset if:

(a) the sovereign entity is covered by section 880-125 ; and

(b) the CGT asset is a *membership interest, *non-share equity interest or *debt interest in another entity; and

(c) the requirements in paragraphs 880-105(1)(c) , (d) and (e) would be satisfied, on the assumptions that:

(i) the capital gain were an amount of *ordinary income or *statutory income; and

(ii) the amount mentioned in subparagraph (i) became ordinary income or statutory income of the sovereign entity immediately before the time the CGT event happened; and

(iii) references in those paragraphs to the test entity were references to the other entity mentioned in paragraph (b) of this section.