- What is a water entitlement?
- CGT rollover for a replacement entitlement
- Receiving cash or property with a replacement entitlement
- Water entitlements before 7 December 2010
You may be able to obtain capital gains tax (CGT) rollover for a water entitlement when you:
- replace your water entitlement, including by transformation
- reduce your water entitlements.
Transformation is the process by which an irrigator permanently changes their rights to water against an irrigation infrastructure operator (operator) into a statutory licence held by an entity other than the operator.
If your water entitlement was replaced or reduced between 1 July 2005 and 7 December 2010, you can choose to amend your income tax return for the year you reported the gain. See Water entitlements before 7 December 2010.