Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 124-720 Part of original entitlement excised 124-720(1)
There is partial roll-over if you *acquired the original entitlement on or after 20 September 1985 and:
(a) the land to which the new entitlement relates is different in area to the land the subject of the original entitlement because a part (the excised part ) of the land to which the original entitlement related was excised or you relinquished it; and
(b) you received a payment for the expiry or surrender of the original entitlement.
The payment can include giving property: see section 103-5 .
Note:
Section 124-730 sets out the effect on your cost base.
124-720(2)
There is no roll-over for the excised part. The *cost base of the excised part is so much of the *cost base of the original entitlement as is attributable to the excised part.
Its *reduced cost base is worked out similarly.
Note:
You may make a capital gain or loss on the excised part because of CGT event C2.
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