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 124-1155 124-1155 Roll-over for variation to CGT asset
There is a roll-over if:
(a) a * CGT event happens to a * CGT asset that you own; and
(b) the CGT event happens as a direct result of the circumstances that gave rise to a roll-over under section 124-1105 ; and
(c) you continue to be the owner of the asset (the retained asset ) immediately after the CGT event has happened.
S 124-1155 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. For transitional provisions, see note under Subdiv 124-R heading.
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