INCOME TAX ASSESSMENT ACT 1997 - SECT 855.5 Objects of this Subdivision

INCOME TAX ASSESSMENT ACT 1997 - SECT 855.5

  (1)   The objects of this Subdivision are to improve:

  (a)   Australia's status as an attractive place for business and investment; and

  (b)   the integrity of Australia's capital gains tax base.

  (2)   This is achieved by:

  (a)   aligning Australia's tax laws with international practice; and

  (b)   ensuring interests in an entity remain subject to Australia's capital gains tax laws if the entity's underlying value is principally derived from Australian real property.