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  

Variation to CGT asset case

SECTION 124-1165   Roll-over consequences - partial roll-over  

124-1165(1)  
You can obtain only a partial roll-over in relation to a *CGT asset if the *capital proceeds for that asset includes something (the ineligible proceeds ) other than your retained asset. There is no roll-over for that part (the ineligible part ) of the asset for which you received the ineligible proceeds.

124-1165(2)  
The *cost base of the ineligible part is that part of the cost base of the *CGT asset as is reasonably attributable to the ineligible part.

124-1165(3)  
The *reduced cost base of the ineligible part is worked out similarly.

124-1165(4)  
In working out what is reasonably attributable to the ineligible part for the purposes of subsections (2) and (3), have regard to the *market value of the retained asset relative to the market value of the ineligible proceeds.


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