Tax Laws Amendment (2010 Measures No. 4) Act 2010 (136 of 2010)

Schedule 2   CGT treatment of water entitlements and termination fees

Part 3   Application and transitional provisions

10   Transitional provisions - water entitlement roll-overs

(1) Subsection 124-1105(1) and section 124-1135 of the Income Tax Assessment Act 1997, as inserted by this Schedule, do not apply to you if:

(a) you stopped owning one or more water entitlements at any time in the period (the relevant period ):

(i) starting at the start of the 2005-06 income year; and

(ii) ending on the day on which this Schedule receives the Royal Assent; and

(b) you choose that those provisions do not apply to you.

(2) Section 124-1155 of the Income Tax Assessment Act 1997, as inserted by this Schedule, does not apply to you if:

(a) the CGT event happened at any time in the period (the relevant period ):

(i) starting at the start of the 2005-06 income year; and

(ii) ending on the day on which this Schedule receives the Royal Assent; and

(b) you choose that those provisions do not apply to you.

(3) A choice under subitem (1) or (2) must be made by the later of:

(a) 12 months after the day on which this Schedule receives the Royal Assent; and

(b) the time within which the Commissioner may, under section 170 of the Income Tax Assessment Act 1936, amend your assessment for the income year in which the relevant period occurred.