Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 124.655

    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.