Document ID: chunk:federal_register_of_legislation:C2019A00034:clause:1_11:p16
Version: federal_register_of_legislation:C2019A00034
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 16/16)
Character Range: 48212–49169

interest that is attributable to residential dwelling assets—treat the capital gain as being wholly attributable to residential dwelling assets; or
 (b) in any other case—treat the capital gain:
 (i) as not being attributable to Australian agricultural land for rent; and
 (ii) as not being attributable to residential dwelling assets.
 (3) For the purposes of subsection (2), in determining whether the *membership interest passes the principal asset test, treat references in section 855‑30 of the Income Tax Assessment Act 1997 to *taxable Australian real property as instead being references to an asset that is any of the following:
 (a) *Australian agricultural land for rent;
 (b) a *residential dwelling asset.
 (4) For the purposes of this section, in working out the *market value of an asset, work out that market value just before the time the *CGT event mentioned in paragraph (1)(b) happens.

Part 2—Definitions

Income Tax Assessment Act 1997