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-R - Water entitlements  

Reduction case

SECTION 124-1135   124-1135   Reduction in water entitlements roll-over  


There is a roll-over if:


(a) you own more than one *water entitlement; and


(b) under an *arrangement:


(i) your ownership of one or more of the water entitlements (each of which is an original entitlement ) ends, resulting in a *CGT event happening; and

(ii) you do not receive anything for the original entitlement or entitlements; and

(iii) you retain one or more of your original entitlements (the retained entitlements ); and


(c) the total of the *market values of all of the retained entitlements immediately after the CGT event happens is substantially the same as the total of the market values of all of the original entitlements immediately before the CGT event happened.


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