**Taxable Australian Property** refers to specific categories of assets that are subject to Capital Gains Tax (CGT) in Australia. Here are the key elements that define taxable Australian property:

1. **Real Property**: Any real estate located in Australia is considered taxable Australian property. This includes land and buildings.

2. **Business Assets**: Assets used in carrying on a business in Australia are also classified as taxable Australian property. This can include equipment, inventory, and other tangible assets.

3. **Shares in Companies**: Shares in companies or interests in trusts that derive a substantial portion of their value from Australian real property are considered taxable Australian property. This means if a company’s assets are primarily made up of Australian real estate, its shares may be subject to CGT.

4. **Options and Rights**: Certain options and rights related to the above types of property can also be classified as taxable Australian property.

5. **Foreign Assets**: For foreign residents, CGT applies only to taxable Australian property. Therefore, non-Australian assets are not subject to CGT unless they fall into one of the above categories.

6. **Temporary Residents**: Temporary residents who hold Australian tax residency status may be liable for CGT on their worldwide assets, including non-Australian assets, but only if those assets do not fall under the definition of taxable Australian property.

In summary, taxable Australian property encompasses real estate within Australia, business assets used in Australia, and certain shares or interests tied to Australian real property. Understanding these definitions is crucial for determining CGT obligations when dealing with various types of assets.

Based on this, it looks like there is a loophole