Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 124.705

Extension or renewal of prospecting or mining entitlement

             (1)  There is a roll-over if:

                     (a)  you hold one or more * CGT assets that are * prospecting entitlements or * mining entitlements (the original entitlement ); and

                     (b)  the original entitlement expires or you surrender it; and

                     (c)  you are granted one or more new prospecting entitlements or mining entitlements (the new entitlement ); and

                     (d)  the new entitlement relates to the same land as the original entitlement.

Note 1:       The roll-over consequences are set out in Subdivision 124-A. They might be modified: see section 124-730.

Note 2:       If there has been a capital improvement to the entitlement: see section 108-75.

             (2)  The new entitlement must have been granted in one of these ways:

                     (a)  by renewing or extending the term of the original entitlement where the renewal or extension is mainly due to your having held the original entitlement; or

                     (b)  by consolidating, or consolidating and dividing, the original entitlement; or

                     (c)  by subdividing the original entitlement; or

                     (d)  by converting a * prospecting entitlement to a * mining entitlement, or a mining entitlement to a prospecting entitlement; or

                     (e)  by excising or relinquishing a part of the land to which the original entitlement related; or

                      (f)  by expanding the area of that land.



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