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-L - Prospecting and mining entitlements  

Operative provisions

SECTION 124-705   Extension or renewal of prospecting or mining entitlement  

124-705(1)    
There is a roll-over if:

(a) you hold one or more *CGT assets that are *prospecting entitlements or *mining entitlements (the original entitlement ); and

(b) the original entitlement expires or you surrender it; and

(c) you are granted one or more new prospecting entitlements or mining entitlements (the new entitlement ); and

(d) the new entitlement relates to the same land as the original entitlement.

Note 1:

The roll-over consequences are set out in Subdivision 124-A . They might be modified: see section 124-730 .

Note 2:

If there has been a capital improvement to the entitlement: see section 108-75 .

124-705(2)    
The new entitlement must have been granted in one of these ways:

(a) by renewing or extending the term of the original entitlement where the renewal or extension is mainly due to your having held the original entitlement; or

(b) by consolidating, or consolidating and dividing, the original entitlement; or

(c) by subdividing the original entitlement; or

(d) by converting a *prospecting entitlement to a *mining entitlement, or a mining entitlement to a prospecting entitlement; or

(e) by excising or relinquishing a part of the land to which the original entitlement related; or

(f) by expanding the area of that land.