Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 124.140

  (1)   Sections   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 ).

  (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.

  (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.