Document ID: chunk:federal_register_of_legislation:C2019A00034:clause:4_6:p5
Version: federal_register_of_legislation:C2019A00034
Segment Type: clause
Provision Reference: sch 4 cl 6 (pt 5/6)
Character Range: 72018–75059

(b) of this section.

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.

880‑120  Sovereign entity's capital loss from membership interest etc. in trust or company—loss disregarded
  Disregard a *capital loss of a *sovereign entity from a *CGT event that happens at a time if, on the assumption that the loss were a *capital gain that happened at that time, the capital gain would be disregarded because of section 880‑115.

880‑125  Covered sovereign entities
  A *sovereign entity is covered by this section if it satisfies all of the following requirements:
 (a) the entity is funded solely by public monies;
 (b) all returns on the entity's investments are public monies;
 (c) the entity is not a partnership;
 (d) the entity is not any of the following:
 (i) a *public non‑financial entity;
 (ii) a *public financial entity (other than a public financial entity that only carries on central banking activities).

880‑130  Meaning of public non‑financial entity and public financial entity
 (1) An entity is a public non‑financial entity if its principal activity is either or both of the following:
 (a) producing or trading non‑financial goods;
 (b) providing services that are not financial services.
 (2) An entity is a public financial entity if any of the following requirements are satisfied:
 (a) it trades in financial assets and liabilities;
 (b) it operates commercially in the financial markets;
 (c) its principal activities include providing any of the following financial services:
 (i) financial intermediary services, including deposit‑taking and insurance services;
 (ii) financial auxiliary services, including brokerage, foreign exchange and investment management services;
 (iii) capital financial institution services, including financial services in relation to assets or liabilities that are not available on open financial markets.

Subdivision 880‑D—Consular activities

Guide to Subdivision 880‑D

880‑200  What this Subdivision is about
      This Subdivision provides a tax exemption for income of an entity that arises from its consular functions.

Table of sections

Operative provisions
880‑205 Income from consular functions—non‑assessable non‑exempt income

Operative provisions