Income Tax Act 2007 section 772

Interpretation of Chapter

Section 772 provides definitions and interpretive guidance for key terms used throughout the chapter dealing with transactions in land.

• A "capital amount" is any sum in money or money's worth that would not otherwise be included in a computation of income for tax purposes.
• A "capital gain" is the result of an arithmetical calculation — broadly, receipts less expenses — and is not itself described as being in money or money's worth.
• "Property deriving its value from land" is specifically defined to ensure the chapter captures indirect as well as direct interests in land.
• Other expressions in the chapter that include the word "capital" are to be interpreted consistently with the definition of "capital amount".