Income Tax Assessment Act 1997



Division 124 - Replacement-asset roll-overs  

Subdivision 124-R - Water entitlements  

Reduction case

SECTION 124-1145   Roll-over consequences - all original entitlements post-CGT  

This section applies if you *acquired the original entitlement (or all of the original entitlements) on or after 20 September 1985.

The first element of the *cost base of the retained entitlement (or of each of the retained entitlements) is such amount as is reasonable having regard to:

(a) the total of the cost bases of all the original entitlements; and

(b) the number and *market value of the original entitlements; and

(c) the number and market value of the retained entitlements.

The first element of the *reduced cost base of the retained entitlements is worked out similarly.

For the purposes of paragraph (2)(c), the *market value of the retained entitlements is their market value just after the *CGT event referred to in section 124-1135 happens.


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