Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 124 - Replacement-asset roll-overs  

Subdivision 124-J - Crown leases  

Operative provisions

SECTION 124-595   Treating parts of new right as separate assets  

124-595(1)    
Each part of a *Crown lease or an estate in fee simple that is part of the new right is taken to be a separate *CGT asset to the extent that it relates to:

(a) land to which a Crown lease (that was part of the original right) related where you *acquired the lease before 20 September 1985; and

(b) land to which a Crown lease (that was part of the original right) related where you acquired the lease on or after 20 September 1985; and

(c) other land.

124-595(2)    
You are taken to have *acquired each asset that is a separate *CGT asset because of paragraph (1)(a) before 20 September 1985.