Tax Laws Amendment (2006 Measures No. 2) Act 2006 (58 of 2006)

Schedule 4 Compulsory acquisition

Repeal the paragraph, substitute:

(c) you *dispose of it to an entity (other than a foreign government agency) in circumstances meeting all of these conditions:

(i) the disposal takes place after a notice was served on you by or on behalf of the entity;

(ii) the notice invited you to negotiate with the entity with a view to the entity acquiring the asset by agreement;

(iii) the notice informed you that if the negotiations were unsuccessful, the asset would be compulsorily acquired by the entity;

(iv) the compulsory acquisition would have been under a power of compulsory acquisition conferred by a law covered under subsection (1A);

(ca) you dispose of it to an entity (other than a foreign government agency) in circumstances meeting all of these conditions:

(i) the asset is land over which a mining lease was compulsorily granted;

(ii) the lease significantly affected your use of the land;

(iii) the lease was in force just before the disposal;

(iv) the entity to which you dispose of the land was the lessee under the lease;

(cb) you dispose of it to an entity (other than a foreign government agency) in circumstances meeting all of these conditions:

(i) the asset is land over which a mining lease would have been compulsorily granted if you had not disposed of it;

(ii) that lease would have significantly affected your use of the land;

(iii) the entity to which you dispose of the land would have been the lessee under the lease.