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
99 Subsection 960-80(1) (at the end of the table)
Add:
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6 |
(a) you are a *foreign resident who makes a *capital gain or *capital loss from a *CGT event in relation to an asset that is an *indirect Australian real property interest; and (b) you are required by subsection 960-61(2) to work out the amount of your capital gain or capital loss in the *applicable functional currency |
(a) first, for the purpose of working out, for the income year, the amount of your capital gain or capital loss from the CGT event, an amount that is not in the applicable functional currency is to be translated into the applicable functional currency; and (b) second, the amount of the capital gain or capital loss is to be translated into Australian currency. |
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