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

Schedule 4   CGT and foreign residents

Part 3   Consequential amendments

Income Tax Assessment Act 1997

98   After subsection 960-70(3)

Insert:

Calculating capital gains and losses on indirect Australian real property interests

(3A) If subsection 960-61(2) applies, your applicable functional currency for the purposes of that subsection is the sole or predominant currency in which you keep your accounts at the time of the *CGT event.