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INCOME TAX ASSESSMENT ACT 1997 - SECT 855.15

When an asset is taxable Australian property

                   There 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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