Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This 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 | |||
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| The lessee is taken to have * acquired the land at this time: |
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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 |
(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).