Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 124.655

Roll-over for depreciating assets

                   There is a roll-over for a * depreciating asset if:

                     (a)  the asset is attached to land you hold under a * quasi-ownership right granted by an * exempt Australian government agency or an * exempt foreign government agency; and

                     (b)  you * hold the asset because of section 40-40; and

                     (c)  the quasi-ownership right expires or is terminated or you surrender it; and

                     (d)  you are granted a new quasi-ownership right over the land or an estate in fee simple in the land; and

                     (e)  there is no roll-over for you under Subdivision 124-J (about Crown leases) or Subdivision 124-L (about prospecting and mining entitlements).

Note 1:       The roll-over consequences are set out in Subdivision 124-A.

Note 2:       This section provides a roll-over for a depreciating asset in the limited circumstances where Subdivision 124-J cannot because a quasi-ownership right over land covers situations that a Crown lease does not (for example, an easement over land).

Note 3:       If there has been a capital improvement to the quasi-ownership right: see section 108-75.



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