Income Tax Assessment Act 1997
There is a roll-over if:
(a) *CGT event A1 happens because you *dispose of one or more assets each of which:
(i) is an interest (an original interest ) in a *mining, quarrying or prospecting right; and
(ii) is an interest that you started to *hold before 1 July 2001; and
(b) the disposal occurs under an *interest realignment arrangement. 124-1225(2)
The first element of the *cost base and *reduced cost base of an interest (a new interest ) in a *mining, quarrying or prospecting right that you acquire under the *interest realignment arrangement includes any amount you paid to acquire the new interest.
The rest of the first element is worked out under Subdivision 124-A .
The amount can include giving property: see section 103-5 . However, it does not include a *mining, quarrying or prospecting right that you dispose of under the *interest realignment arrangement.
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