Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 124.605

Change of lessor

             (1)  You treat a lease of land (whether or not it is a * Crown lease) granted to you (the fresh lease ) as being a renewal of your original right if:

                     (a)  after the grant of the original right, the land (the original land ) to which it related became vested in an * Australian government agency (other than the one that granted the original right); and

                     (b)  the second agency granted you the fresh lease over:

                              (i)  the original land; or

                             (ii)  the original land less an excised area; or

                            (iii)  the original land and other land; and

                     (c)  the fresh lease was granted under an * Australian law (other than the common law).

             (2)  You do this even if there is a period between the end of the original right and the grant of the fresh lease if you continued to occupy the original land during that period under a permission, licence or authority granted by the second agency.

Table of sections

124-655    Roll-over for depreciating assets

124-660    Right granted to associate



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