Income Tax Assessment Act 1997
View history note
Hide history noteThere are 5 categories of *CGT assets that are taxable Australian property . They are set out in this table.
| CGT assets that are taxable Australian property | |||
| Item | Description | ||
| 1 | *Taxable Australian real property (see section 855-20) | ||
| 2 | A *CGT asset that: | ||
| (a) | is an *indirect Australian real property interest (see section 855-25); and | ||
| (b) | is not covered by item 5 of this table | ||
| 3 | A *CGT asset that: | ||
| (a) | you have used at any time in carrying on a *business through: | ||
| (i) | if you are a resident in a country that has entered into an *international tax agreement with Australia containing a *permanent establishment article - a permanent establishment (within the meaning of the relevant international tax agreement) in Australia; or | ||
| (ii) | otherwise - a *permanent establishment in Australia; and | ||
| (b) | is not covered by item 1, 2 or 5 of this table | ||
| 4 | An option or right to *acquire a *CGT asset covered by item 1, 2 or 3 of this table | ||
| 5 | A *CGT asset that is covered by subsection 104-165(3) (choosing to disregard a gain or loss on ceasing to be an Australian resident) |
Note 1:
An asset is also taxable Australian property if it was acquired by a company after 28 January 1988 and before 26 May 1988 from a foreign resident as a result of a disposal for which there was a roll-over under section 160ZZN or 160ZZO of the Income Tax Assessment Act 1936 : see section 136-25 of the Income Tax (Transitional Provisions) Act 1997 .
Note 2:
Payments may need to be made to the Commissioner for acquisitions of some kinds of taxable Australian property if foreign residents are involved (see Subdivision 14-D in Schedule 1 to the Taxation Administration Act 1953 ).
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