Commonwealth Consolidated Regulations

INCOME TAX REGULATIONS 1936 - REG 152D

         (1)   In this regulation:

"capital gains" means gains or profits or other amounts of a capital nature.

"roll-over relief" , in relation to a particular tax accounting period in relation to a listed country, means the deferral of tax liability in the tax accounting period under a tax law of the listed country because of a circumstance specified in regulation 152E.

         (2)   For section 324 of the Act, if:

                (a)    capital gains that are derived by an entity are not subject to tax in a listed country in a particular tax accounting period; and

               (b)    apart from the availability of roll‑over relief, the capital gains would have been subject to tax in the listed country in the tax accounting period;

the capital gains are to be treated as if they were subject to tax in the listed country in the tax accounting period.