Tax Laws Amendment (2006 Measures No. 4) Act 2006 (168 of 2006)

Schedule 4 CGT and foreign residents

Insert:

960-61 Functional currency for calculating capital gains and losses on indirect Australian real property interests

(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.

(2) You must use the *applicable functional currency to work out the amount of your *capital gain or *capital loss (if any).