Income Tax Assessment Act 1997
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Hide history noteSECTION 124-575 Extension or renewal of Crown lease 124-575(1)
There is a roll-over if:
(a) you hold one or more *CGT assets that are *Crown leases over land (the original right ); and
(b) the original right expires or you surrender it; and
(c) you are granted one or more new Crown leases over land or one or more estates in fee simple in land, or both (the new right ); and
(d) the new right relates to the same land as the original right.
Note 1:
The roll-over consequences are set out in Subdivision 124-A . They might be modified: see section 124-600 .
Note 2:
If there has been a capital improvement to the Crown lease: see section 108-75 .
124-575(2)
The new right must have been granted in one of these ways:
(a) by renewing or extending the term of the original right where the renewal or extension is mainly due to your having held the original right; or
(b) by changing the purpose for which the land to which the original right related can be used; or
(c) by converting the original right to a *Crown lease in perpetuity; or
(d) by converting the original right to an estate in fee simple; or
(e) by consolidating, or consolidating and dividing, the original right; or
(f) by subdividing the original right; or
(g) by excising or relinquishing a part of the land to which the original right related; or
(h) by expanding the area of that land.
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