Subdiv 124-R inserted by
No 136 of 2010
, s 3 and Sch 2 item 6, applicable to CGT events that occur in the 2005-06 income year and later income years.
No 136 of 2010
, s 3 and Sch 2 item 10 contains the following transitional provisions:
Transitional provisions
-
water entitlement roll-overs
(1)
Subsection
124-1105(1)
and section
124-1135
of the
Income Tax Assessment Act 1997
, as inserted, do not apply to you if:
(a)
you stopped owning one or more water entitlements at any time in the period (the
relevant period
):
(i)
starting at the start of the 2005-06 income year; and
(ii)
ending on 7 December 2010; and
(b)
you choose that those provisions do not apply to you.
(2)
Section
124-1155
of the
Income Tax Assessment Act 1997
, as inserted, does not apply to you if:
(a)
the CGT event happened at any time in the period (the
relevant period
):
(i)
starting at the start of the 2005-06 income year; and
(ii)
ending on 7 December 2010; and
(b)
you choose that those provisions do not apply to you.
(3)
A choice under subitem (1) or (2) must be made by the later of:
(a)
12 months after 7 December 2010; and
(b)
the time within which the Commissioner may, under section
170
of the
Income Tax Assessment Act 1936
, amend your assessment for the income year in which the relevant period occurred.