Income Tax Assessment Act 1997
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View history notePart 3-3 inserted by No 46 of 1998.
Div 124 inserted by No 46 of 1998.
Subdiv 124-R inserted by
No 136 of 2010
, s 3 and Sch 2 item 6, applicable to CGT events that occur in the 2005-06 income year and later income years.
No 136 of 2010
, s 3 and Sch 2 item 10 contains the following transitional provisions:
Transitional provisions
-
water entitlement roll-overs
(1)
Subsection
124-1105(1)
and section
124-1135
of the
Income Tax Assessment Act 1997
, as inserted, do not apply to you if:
(a)
you stopped owning one or more water entitlements at any time in the period (the
relevant period
):
(i)
starting at the start of the 2005-06 income year; and
(ii)
ending on 7 December 2010; and
(b)
you choose that those provisions do not apply to you.
(2)
Section
124-1155
of the
Income Tax Assessment Act 1997
, as inserted, does not apply to you if:
(a)
the CGT event happened at any time in the period (the
relevant period
):
(i)
starting at the start of the 2005-06 income year; and
(ii)
ending on 7 December 2010; and
(b)
you choose that those provisions do not apply to you.
(3)
A choice under subitem (1) or (2) must be made by the later of:
(a)
12 months after 7 December 2010; and
(b)
the time within which the Commissioner may, under section
170
of the
Income Tax Assessment Act 1936
, amend your assessment for the income year in which the relevant period occurred.
SECTION 124-1115 Roll-over consequences - partial roll-over 124-1115(1)
You can obtain only a partial roll-over in relation to an original entitlement if the *capital proceeds for that entitlement includes something (the ineligible proceeds ) other than a new entitlement or new entitlements. There is no roll-over for that part (the ineligible part ) of the entitlement for which you received the ineligible proceeds.
Note:
If the roll-over is under subsection 124-1105(2) , some or all of the original entitlements may each have an ineligible part.
124-1115(2)
The *cost base of the ineligible part is that part of the cost base of the original entitlement as is reasonably attributable to the ineligible part.
124-1115(3)
The *reduced cost base of the ineligible part is worked out similarly.
124-1115(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 new entitlement relative to the market value of the ineligible proceeds.
124-1115(5)
If the roll-over is under subsection 124-1105(2) , for the purposes of sections 124-1120 and 124-1130 , for each original entitlement that has an ineligible part:
(a) reduce the *cost base of that entitlement (just before you stopped owning it) by so much of that cost base as is attributable to that ineligible part; and
(b) reduce the *reduced cost base of that entitlement similarly.
S 124-1115 inserted by No 136 of 2010 , s 3 and Sch 2 item 6, applicable to CGT events that occur in the 2005-06 income year and later income years.
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