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INCOME TAX ASSESSMENT ACT 1997 - SECT 855.1

What this Division is about

A foreign resident can disregard a capital gain or loss unless the relevant CGT asset is a direct or indirect interest in Australian real property, or relates to a business carried on by the foreign resident through a permanent establishment in Australia.

Special rules apply for individuals who were Australian residents but have become foreign residents (see also Subdivision   104 - I) and for foreign resident beneficiaries of fixed trusts.

There are also rules dealing with what happens when a foreign resident becomes an Australian resident.

Table of sections

855 - 5   Objects of this Subdivision

855 - 10   Disregarding a capital gain or loss from CGT events

855 - 15   When an asset is taxable Australian property

855 - 16   Meaning of permanent establishment article

855 - 20   Taxable Australian real property

855 - 25   Indirect Australian real property interests

855 - 30   Principal asset test

855 - 32   Disregard market value of duplicated non - TARP assets

855 - 35   Reducing a capital gain or loss from a business asset--Australian permanent establishments

855 - 40   Capital gains and losses of foreign residents through fixed trusts


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