Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 124 - Replacement-asset roll-overs  

Subdivision 124-J - Crown leases  

Operative provisions

SECTION 124-575   Extension or renewal of Crown lease  

124-575(1)    
There is a roll-over if:

(a) you hold one or more *CGT assets that are *Crown leases over land (the original right ); and

(b) the original right expires or you surrender it; and

(c) you are granted one or more new Crown leases over land or one or more estates in fee simple in land, or both (the new right ); and

(d) the new right relates to the same land as the original right.

Note 1:

The roll-over consequences are set out in Subdivision 124-A . They might be modified: see section 124-600 .

Note 2:

If there has been a capital improvement to the Crown lease: see section 108-75 .

124-575(2)    
The new right must have been granted in one of these ways:

(a) by renewing or extending the term of the original right where the renewal or extension is mainly due to your having held the original right; or

(b) by changing the purpose for which the land to which the original right related can be used; or

(c) by converting the original right to a *Crown lease in perpetuity; or

(d) by converting the original right to an estate in fee simple; or

(e) by consolidating, or consolidating and dividing, the original right; or

(f) by subdividing the original right; or

(g) by excising or relinquishing a part of the land to which the original right related; or

(h) by expanding the area of that land.