INCOME TAX ASSESSMENT ACT 1997 - SECT 124.575 Extension or renewal of Crown lease

INCOME TAX ASSESSMENT ACT 1997 - SECT 124.575

  (1)   There is a roll - over if:

  (a)   you hold one or more * CGT assets that are * Crown leases over land (the original right ); and

  (b)   the original right expires or you surrender it; and

  (c)   you are granted one or more new Crown leases over land or one or more estates in fee simple in land, or both (the new right ); and

  (d)   the new right relates to the same land as the original right.

Note 1:   The roll - over consequences are set out in Subdivision   124 - A. They might be modified: see section   124 - 600.

Note 2:   If there has been a capital improvement to the Crown lease: see section   108 - 75.

  (2)   The new right must have been granted in one of these ways:

  (a)   by renewing or extending the term of the original right where the renewal or extension is mainly due to your having held the original right; or

  (b)   by changing the purpose for which the land to which the original right related can be used; or

  (c)   by converting the original right to a * Crown lease in perpetuity; or

  (d)   by converting the original right to an estate in fee simple; or

  (e)   by consolidating, or consolidating and dividing, the original right; or

  (f)   by subdividing the original right; or

  (g)   by excising or relinquishing a part of the land to which the original right related; or

  (h)   by expanding the area of that land.