Document ID: chunk:federal_register_of_legislation:C2010C00261:clause:4_97
Version: federal_register_of_legislation:C2010C00261
Segment Type: clause
Provision Reference: sch 4 cl 97
Character Range: 55200–55816

97  After section 960‑60
Insert:

960‑61  Functional currency for calculating capital gains and losses on indirect Australian real property interests

 (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).