14‑210 Whether an entity is a relevant f14‑210 Whether an entity is a relevant foreign resident

14‑210 Whether an entity is a relevant foreign resident

Is the entity a foreign resident at the time of the transaction? (1) This subsection applies to an entity at the time a transaction is entered into if, at that time: (a) you know that the entity is a foreign resident; or (b) you reasonably believe that the entity is a foreign resident; or (c) you do not reasonably believe that the entity is an Australian resident, and either: (i) the entity has an address outside Australia (according to any record that is in your possession, or is kept or maintained on your behalf, about the transaction); or (ii) you are authorised to provide a related financial benefit to a place outside Australia (whether to the entity or to anyone else); or (d) the entity has a connection outside Australia of a kind specified in the regulations; or (e) the *CGT asset to which the transaction relates is: (i) *taxable Australian real property; or (ii) an *indirect Australian real property interest, the holding of which causes a company title interest (within the meaning of Part X of the Income Tax Assessment Act 1936) to arise.

Note: This subsection is relevant to whether you must pay an amount to the Commissioner under section 14‑200.

Exception—the entity gives you a clearance certificate (2) Despite subsection (1), that subsection does not apply to the entity in relation to the transaction if: (a) before you pay the Commissioner under section 14‑200 in relation to the *CGT asset to which the transaction relates, the entity gives you a certificate about the entity that: (i) was issued under subsection 14‑220(1); and (ii) is for a period covering the time the transaction is entered into; and (b) the CGT asset is of a kind described in paragraph (1)(e) of this section. Exception—the entity gives you a residency or interests declaration (3) Despite subsection (1), that subsection does not apply to the entity in relation to the transaction if: (a) before you pay the Commissioner under section 14‑200 in relation to the *CGT asset to which the transaction relates, the entity gives you a declaration that: (i) is about the entity or the CGT asset; and (ii) was given under subsection 14‑225(1) or (2); and (iii) is for a period covering the time the transaction is entered into; and (b) when you are given the declaration, you do not know the declaration to be false; and (c) for a declaration given under subsection 14‑225(1)—the CGT asset is not of a kind described in paragraph (1)(e) of this section.