Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 124.705

  (1)   There is a roll - over if:

  (a)   you hold one or more * CGT assets that are * prospecting entitlements or * mining entitlements (the original entitlement ); and

  (b)   the original entitlement expires or you surrender it; and

  (c)   you are granted one or more new prospecting entitlements or mining entitlements (the new entitlement ); and

  (d)   the new entitlement relates to the same land as the original entitlement.

Note 1:   The roll - over consequences are set out in Subdivision   124 - A. They might be modified: see section   124 - 730.

Note 2:   If there has been a capital improvement to the entitlement: see section   108 - 75.

  (2)   The new entitlement must have been granted in one of these ways:

  (a)   by renewing or extending the term of the original entitlement where the renewal or extension is mainly due to your having held the original entitlement; or

  (b)   by consolidating, or consolidating and dividing, the original entitlement; or

  (c)   by subdividing the original entitlement; or

  (d)   by converting a * prospecting entitlement to a * mining entitlement, or a mining entitlement to a prospecting entitlement; or

  (e)   by excising or relinquishing a part of the land to which the original entitlement related; or

  (f)   by expanding the area of that land.