INCOME TAX ASSESSMENT ACT 1997 - SECT 124.725 Treating parts of new entitlement as separate assets
INCOME TAX ASSESSMENT ACT 1997 - SECT 124.725
Treating parts of new entitlement as separate assets(1) Each part of a * prospecting entitlement or * mining entitlement that is part of the new entitlement is taken to be a separate * CGT asset to the extent that it relates to:
(a) land to which a prospecting entitlement or mining entitlement (that was part of the original entitlement) related where you * acquired the entitlement before 20 September 1985; and
(b) land to which a prospecting entitlement or mining entitlement (that was part of the original entitlement) related where you acquired the entitlement on or after 20 September 1985; and
(2) You are taken to have * acquired each asset that is a
separate * CGT asset because of paragraph (1)(a) before 20
September 1985.