Commonwealth Consolidated Acts

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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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