Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Act 2019 (129 of 2019)

Schedule 1   Capital gains tax changes for foreign residents

Part 2   Principal asset test

Income Tax Assessment Act 1997

35   After subsection 855-30(4)

Insert:

(4A) For the purposes of working out the *total participation interests held by the holding entity and its *associates under item 1 of the table in subsection (4), take into account:

(a) a particular *direct participation interest; or

(b) a particular *indirect participation interest;

held in the other entity only once if it would otherwise be counted more than once because the entity holding it is an associate of the holding entity.