Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 124 - Replacement-asset roll-overs  

Subdivision 124-C - Statutory licences  

SECTION 124-140   New statutory licence - ASGE licence etc  

124-140(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 ).

124-140(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.

124-140(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.