Income Tax Assessment Act 1997
View history note
Hide history noteThis table sets out what happens if:
(a) the lessee of land *acquires the reversionary interest of the lessor in the land; and
(b) Subdivision 124-J (roll-over provisions for Crown leases) does not apply to the acquisition.
| Lessee acquires reversionary interest of lessor | ||||
| Item | In this situation: | The lessee is taken to have *acquired the land at this time: | The lessee is taken to have acquired the land for: | |
| 1 | The lease was originally granted for 99 years or more | When the lease was granted or assigned to the lessee | Any premium the lessee paid for the grant or assignment of the lease, plus the amount the lessee paid to *acquire the reversionary interest | |
| . | ||||
| 2 | The lease was originally granted for less than 99 years | When the lessee *acquired the reversionary interest | (a) | if the lessee *acquired the lease after 19 September 1985 - any premium the lessee paid for the grant or assignment of the lease, plus the amount the lessee paid to acquire the reversionary interest; or |
| (b) | if the lessee acquired the lease before 20 September 1985 - the *market value of the land when the lessee acquired it |
132-15(2)
All the payments can include giving property: see section 103-5 .
Note:
CGT events F1 to F5 deal specifically with leases. See also (in particular) CGT event C2 (about cancellation, surrender and similar endings).
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