Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 802.35

Capital gains

  (1)   The entity's conduit foreign income includes these amounts:

  (a)   the amount by which a * capital gain of the entity is reduced because of the operation of section   768 - 505;

  (b)   a capital gain that is disregarded because of the operation of subsection   23AH(3) of the Income Tax Assessment Act 1936 ;

  (c)   the amount of a capital gain that is disregarded as a result of the operation of an * international tax sharing treaty.

Capital losses

  (2)   The entity's conduit foreign income is reduced by these amounts:

  (a)   the amount by which a * capital loss of the entity is reduced because of the operation of section   768 - 505;

  (b)   a capital loss that is disregarded because of the operation of subsection   23AH(4) of the Income Tax Assessment Act 1936 ;

  (c)   the amount of a capital loss that is disregarded as a result of the operation of an * international tax sharing treaty.

Timing rule

  (3)   The adjustments are made under this section at the end of the income year in which the * CGT event occurred.