INCOME TAX ASSESSMENT ACT 1997 - SECT 124.595 Treating parts of new right as separate assets

INCOME TAX ASSESSMENT ACT 1997 - SECT 124.595

  (1)   Each part of a * Crown lease or an estate in fee simple that is part of the new right is taken to be a separate * CGT asset to the extent that it relates to:

  (a)   land to which a Crown lease (that was part of the original right) related where you * acquired the lease before 20   September 1985; and

  (b)   land to which a Crown lease (that was part of the original right) related where you acquired the lease on or after 20   September 1985; and

  (c)   other land.

  (2)   You are taken to have * acquired each asset that is a separate * CGT asset because of paragraph   (1)(a) before 20   September 1985.