Screen an asset against the taxable Australian property categories
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- From the asset description the lawyer supplies, place it against each category the taxable Australian property page lists, including an indirect interest only where the lawyer also supplies the two tests. Record a leasehold interest in Australian land separately where the CGT event is on or after 20 May 2009. Do not decide that the asset is taxable Australian property, and do not state a withholding rate.
- What the lawyer must review
- The lawyer decides whether the person is a foreign or temporary resident, whether the asset is taxable Australian property, and whether foreign resident capital gains withholding applies. The lawyer reads the withholding page before stating a rate.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | From the asset description the lawyer supplies, place it against each category the taxable Australian property page lists, including an indirect interest only where the lawyer also supplies the two tests. Record a leasehold interest in Australian land separately where the CGT event is on or after 20 May 2009. Do not decide that the asset is taxable Australian property, and do not state a withholding rate. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Match the asset to a category the page lists. An indirect interest needs both the 10 per cent test and the principal asset test.
- Use mainly attributable as the page states it. Do not replace it with a percentage the page does not give.
- Do not state a withholding rate. The withholding page was not opened. The lawyer decides the rate and any variation.
Sources
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.