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The ATO has advised tax agents that there has been an increase in the number of cases where the functional currency rules have not been applied by foreign residents when disposing of indirect Australian real property interests. The functional currency rules are contained in Subdiv 960-D of ITAA 1997 and must be applied in the calculation of capital gains and capital losses under Div 855 of the ITAA 1997 by foreign residents in certain situations.

To help agents to apply these rules and prevent CGT adjustments, the ATO has updated the Guide to functional currency rules and the topic on CGT on foreign residents, temporary residents and changing residency in the CGT guide on its website.

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