Income Tax Assessment Act 1997
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Hide history noteSECTION 124-705 Extension or renewal of prospecting or mining entitlement 124-705(1)
There is a roll-over if:
(a) you hold one or more *CGT assets that are *prospecting entitlements or *mining entitlements (the original entitlement ); and
(b) the original entitlement expires or you surrender it; and
(c) you are granted one or more new prospecting entitlements or mining entitlements (the new entitlement ); and
(d) the new entitlement relates to the same land as the original entitlement.
Note 1:
The roll-over consequences are set out in Subdivision 124-A . They might be modified: see section 124-730 .
Note 2:
If there has been a capital improvement to the entitlement: see section 108-75 .
124-705(2)
The new entitlement must have been granted in one of these ways:
(a) by renewing or extending the term of the original entitlement where the renewal or extension is mainly due to your having held the original entitlement; or
(b) by consolidating, or consolidating and dividing, the original entitlement; or
(c) by subdividing the original entitlement; or
(d) by converting a *prospecting entitlement to a *mining entitlement, or a mining entitlement to a prospecting entitlement; or
(e) by excising or relinquishing a part of the land to which the original entitlement related; or
(f) by expanding the area of that land.
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