Document ID: chunk:federal_register_of_legislation:C2024A00067:clause:3_4
Version: federal_register_of_legislation:C2024A00067
Segment Type: clause
Provision Reference: sch 3 cl 4
Character Range: 67682–68608

4  After section 40‑120
Insert:

40‑122  Partial conversions of mining, quarrying or prospecting rights
 (1) This section applies if:
 (a) a *depreciating asset you *hold is a *mining, quarrying or prospecting right (the old right) that relates to an area; and
 (b) you begin to hold another depreciating asset (the partial new right) that:
 (i) is a mining, quarrying or prospecting right; and
 (ii) relates to an area that is a part of the area that the old right relates to; and
 (c) the old right does not end when you begin to hold the partial new right.
 (2) This Division applies as if:
 (a) when you begin to hold the partial new right, the old right is split into:
 (i) an asset that is the partial new right; and
 (ii) an asset that is the old right; and
 (b) the assets mentioned in subparagraphs (a)(i) and (ii) are both continuations of the old right.
Note: For the cost of the split assets, see section 40‑205.