Income Tax Assessment Act 1997



Division 124 - Replacement-asset roll-overs  

Subdivision 124-R - Water entitlements  

Reduction case

SECTION 124-1150   Roll-over consequences - some original entitlements pre-CGT, others post-CGT  

This section applies if:

(a) you *acquired one or more of the original entitlements before 20 September 1985; and

(b) you acquired one or more of the original entitlements on or after that day.

You are taken to have *acquired so many of your retained entitlements before 20 September 1985 as is reasonable, having regard to:

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

(b) the number and market value of your retained entitlements.

The first element of the *cost base of each of your retained entitlements that are not taken by subsection (2) to have been *acquired before 20 September 1985 (your post-CGT entitlements ) is such amount as is reasonable having regard to:

(a) the total of the cost bases of the original entitlements you acquired on or after 20 September 1985; and

(b) the number and *market value of the your post-CGT entitlements.

The reduced cost base of each of your post-CGT entitlements is worked out similarly.


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