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 124-590   Part of original right excised  

124-590(1)    
There is a partial roll-over if you *acquired the original right on or after 20 September 1985 and:


(a) the land to which the new right relates is different in area to the land the subject of the original right because a part (the excised part ) of the land to which the original right related was excised or you relinquished it; and


(b) you received a payment for the expiry or surrender of the original right.

The payment can include giving property: see section 103-5 .

Note:

Section 124-600 sets out the effect on your cost base.


124-590(2)    
There is no roll-over for the excised part. The *cost base of the excised part is so much of the *cost base of the relevant *Crown lease as is attributable to the excised part.

Its *reduced cost base is worked out similarly.

Note:

You may make a capital gain or loss on the excised part because of CGT event C2.



View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.