Part 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.

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.