Tax Laws Amendment (2010 Measures No. 4) Act 2010 (136 of 2010)

Schedule 2   CGT treatment of water entitlements and termination fees

Part 3   Application and transitional provisions

12   Transitional provision - termination fees

(1) Subsection 110-35(11) of the Income Tax Assessment Act 1997, as inserted by this Schedule, does not apply to you if:

(a) your ownership of the CGT asset ended:

(i) after 1 July 2008; and

(ii) before the start of the day on which this Schedule receives the Royal Assent; and

(b) you choose that those provisions do not apply to you.

(2) A choice under subitem (1) must be made by the later of:

(a) 12 months after the day on which this Schedule receives the Royal Assent; 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 your ownership of the CGT asset ended.