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INCOME TAX ASSESSMENT ACT 1997 - SECT 124.590 Part of original right excised

INCOME TAX ASSESSMENT ACT 1997 - SECT 124.590

Part of original right excised

  (1)   There is a partial roll - over if you * acquired the original right on or after 20   September 1985 and:

  (a)   the land to which the new right relates is different in area to the land the subject of the original right because a part (the excised part ) of the land to which the original right related was excised or you relinquished it; and

  (b)   you received a payment for the expiry or surrender of the original right.

The payment can include giving property: see section   103 - 5.

Note:   Section   124 - 600 sets out the effect on your cost base.

  (2)   There is no roll - over for the excised part. The * cost base of the excised part   is so much of the * cost base of the relevant * Crown lease as is attributable to the excised part.

    Its * reduced cost base is worked out similarly.

Note:   You may make a capital gain or loss on the excised part because of CGT event C2.

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