CGT Determination Number 35

TD 35

Capital Gains:What is meant by the term "renewal of a statutory licence" in section 160ZZPE?

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FOI status:

1. The term 'renewal' as it is used in section 160ZZPE does not require the fresh licence to be granted with exactly the same terms and conditions as those contained in the original licence.

2. Provided the terms and conditions are not substantially different and the underlying activity authorised by the licence has not changed, the fresh licence will be treated as a renewal of the original licence.

Example:

A fisherman, on renewal of his fishing permit, becomes entitled to catch different species of fish.

Although the terms and conditions attached to the permit have been changed , it is still a permit to fish; the fresh permit is a renewal in terms of section 160ZZPE.

Commissioner of Taxation
19 December 1991

References

ATO references:
NO N.O.91/9143-7

Related Rulings/Determinations:

CGT34, now TD34
CGT36, now TD36
CGT37, now TD 37

Subject References:
Renewal of statutory licence

Legislative References:
160ZZPE