Commonwealth Consolidated Acts Commonwealth Consolidated ActsThere 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 ).