Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteSections 124-141 and 124-142 apply if:
(a) there are one or more roll-overs under section 124-140 of the Income Tax Assessment Act 1997 where:
(i) your ownership of one or more statutory licences (each of which is an original licence ) ends, resulting in CGT event C2 happening to the licence (or to each of the licences as part of an arrangement); and
(ii) you are issued one or more new licences (each of which is a new licence ) for the original licence (or original licences); and
(b) if there was only one original licence - that licence is covered under subsection (2); and
(c) if there was more than one original licence - at least one of the original licences was covered under subsection (2); and
(d) if there is only one new licence - that licence is covered under subsection (3); and
(e) if there is more than one new licence - only one of the new licences is covered under subsection (3); and
(f) the original licence (or at least one of the original licences) has an ineligible part (as described in section 124-150 of the Income Tax Assessment Act 1997 ).
124-140(2)
A licence is covered under this subsection if it is:
(a) a bore licence issued under the Water Act 1912 of New South Wales; or
(b) a licence of a kind specified in the regulations.
124-140(3)
A licence is covered under this subsection if it is:
(a) an aquifer access licence under the Water Management Act 2000 of New South Wales issued in accordance with the New South Wales Achieving Sustainable Groundwater Entitlements program (the ASGE program ); or
(b) a licence of a kind specified in the regulations.
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