Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteFor an original licence that has an ineligible part, the cost base of the ineligible part is the cost base of the original licence multiplied by the amount worked out under the formula:
| Total ineligible proceeds | ||
| Total ineligible proceeds + Value of new licence |
total ineligible proceeds
is the total of the ineligible proceeds (as described in section
124-150
of the
Income Tax Assessment Act 1997
) in relation to all of the original licences that have an ineligible part.
(a) if the new licence is an aquifer access licence mentioned in paragraph 124-40(3)(a) - the 2002 value assigned under the ASGE program to the new licence; or
(b) otherwise - the value of the new licence worked out in accordance with the regulations.
124-141(2)
The regulations may specify one or more ways of working out the value of a licence (other than an aquifer access licence mentioned in paragraph 124-40(3)(a) ) for the purposes of this section.
124-141(3)
For an original licence that has an ineligible part, the reduced cost base of the ineligible part is the reduced cost base of the original licence multiplied by the amount worked under the formula set out in subsection (1).
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