1

You replace one or more water entitlements with one or more new water entitlements

First element of cost base and reduced cost base

124 - 1120 and 124 - 1130

2

You have a reduction in one or more water entitlements that you own

First element of cost base and reduced cost base

124 - 1145 and 124 - 1150

3

A CGT event happens to an asset you own as a result of the replacement of water entitlements

First element of cost base and reduced cost base

124 - 1165