Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 132.15

Lessee of land acquires reversionary interest of lessor

  (1)   This table sets out what happens if:

  (a)   the lessee of land * acquires the reversionary interest of the lessor in the land; and

  (b)   Subdivision   124 - J (roll - over provisions for Crown leases) does not apply to the acquisition.

 

Lessee acquires reversionary interest of lessor



Item



In this situation:

The lessee is taken to have * acquired the land at this time:


The lessee is taken to have acquired the land for:

1

The lease was originally granted for 99 years or more

When the lease was granted or assigned to the lessee

Any premium the lessee paid for the grant or assignment of the lease, plus the amount the lessee paid to * acquire the reversionary interest

2

The lease was originally granted for less than 99 years

When the lessee * acquired the reversionary interest

(a)   if the lessee * acquired the lease after 19   September 1985--any premium the lessee paid for the grant or assignment of the lease, plus the amount the lessee paid to acquire the reversionary interest; or

(b)   if the lessee acquired the lease before 20   September 1985--the * market value of the land when the lessee acquired it

  (2)   All the payments can include giving property: see section   103 - 5.

Note:   CGT events F1 to F5 deal specifically with leases. See also (in particular) CGT event C2 (about cancellation, surrender and similar endings).


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