Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 880.115

    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.