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 ).
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
