Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 880.115

Sovereign entity's capital gain from membership interest etc.--gain disregarded

                   Disregard a * capital gain of a * sovereign entity from a * CGT event that happens in relation to a * CGT asset if:

                     (a)  the sovereign entity is covered by section 880- 125; and

                     (b)  the CGT asset is a * membership interest, * non-share equity interest or * debt interest in another entity; and

                     (c)  the requirements in paragraphs 880-105(1)(c), (d) and (e) would be satisfied, on the assumptions that:

                              (i)  the capital gain were an amount of * ordinary income or * statutory income; and

                             (ii)  the amount mentioned in subparagraph (i) became ordinary income or statutory income of the sovereign entity immediately before the time the CGT event happened; and

                            (iii)  references in those paragraphs to the test entity were references to the other entity mentioned in paragraph (b) of this section.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback