INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 124 - Replacement-asset roll-overs  

Subdivision 124-C - Statutory licences  

SECTION 124-140   New statutory licence - ASGE licence etc  

124-140(1)  
Sections 124-141 and 124-142 apply if:


(a) there are one or more roll-overs under section 124-140 of the Income Tax Assessment Act 1997 where:


(i) your ownership of one or more statutory licences (each of which is an original licence ) ends, resulting in CGT event C2 happening to the licence (or to each of the licences as part of an arrangement); and

(ii) you are issued one or more new licences (each of which is a new licence ) for the original licence (or original licences); and


(b) if there was only one original licence - that licence is covered under subsection (2); and


(c) if there was more than one original licence - at least one of the original licences was covered under subsection (2); and


(d) if there is only one new licence - that licence is covered under subsection (3); and


(e) if there is more than one new licence - only one of the new licences is covered under subsection (3); and


(f) the original licence (or at least one of the original licences) has an ineligible part (as described in section 124-150 of the Income Tax Assessment Act 1997 ).

124-140(2)  
A licence is covered under this subsection if it is:


(a) a bore licence issued under the Water Act 1912 of New South Wales; or


(b) a licence of a kind specified in the regulations.

124-140(3)  
A licence is covered under this subsection if it is:


(a) an aquifer access licence under the Water Management Act 2000 of New South Wales issued in accordance with the New South Wales Achieving Sustainable Groundwater Entitlements program (the ASGE program ); or


(b) a licence of a kind specified in the regulations.




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