Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 960.61

  (1)   Subsection   (2) applies if:

  (a)   you are a foreign resident; and

  (b)   a * CGT event happens in relation to a * CGT asset that is an * indirect Australian real property interest for you; and

  (c)   the sole or predominant currency in which you keep your accounts at the time of the CGT event is a currency other than Australian currency.

  (2)   You must use the * applicable functional currency to work out the amount of your * capital gain or * capital loss (if any).