Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 124.140

New statutory licence--ASGE licence etc.

             (1)  Sections 124-141 and 124-142 apply if:

                     (a)  there are one or more roll-overs under section 124-140 of the Income Tax Assessment Act 1997 where:

                              (i)  your ownership of one or more statutory licences (each of which is an original licence ) ends, resulting in CGT event C2 happening to the licence (or to each of the licences as part of an arrangement); and

                             (ii)  you are issued one or more new licences (each of which is a new licence ) for the original licence (or original licences); and

                     (b)  if there was only one original licence--that licence is covered under subsection (2); and

                     (c)  if there was more than one original licence--at least one of the original licences was covered under subsection (2); and

                     (d)  if there is only one new licence--that licence is covered under subsection (3); and

                     (e)  if there is more than one new licence--only one of the new licences is covered under subsection (3); and

                      (f)  the original licence (or at least one of the original licences) has an ineligible part (as described in section 124-150 of the Income Tax Assessment Act 1997 ).

             (2)  A licence is covered under this subsection if it is:

                     (a)  a bore licence issued under the Water Act 1912 of New South Wales; or

                     (b)  a licence of a kind specified in the regulations.

             (3)  A licence is covered under this subsection if it is:

                     (a)  an aquifer access licence under the Water Management Act 2000 of New South Wales issued in accordance with the New South Wales Achieving Sustainable Groundwater Entitlements program (the ASGE program ); or

                     (b)  a licence of a kind specified in the regulations.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback