Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p9
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 9/10)
Character Range: 352814–355521

of a roll‑over being available

124‑85 Consequences for receiving money
124‑90 Consequences for receiving an asset
124‑95 You receive both money and an asset

[This is the end of the Guide.]

When a roll‑over is available

124‑70  Events giving rise to a roll‑over

 (1) You may be able to choose a roll‑over if one of these events happens to a *CGT asset (the original asset) you own:

 (a) it is compulsorily *acquired by an *Australian government agency;

 (b) it, or part of it, is lost or destroyed;

 (c) you *dispose of it to an *Australian government agency after a notice was served on you by or on behalf of the agency:

 (i) inviting you to negotiate with the agency with a view to the agency acquiring it by agreement; and

 (ii) informing you that if the negotiations are unsuccessful, it will be compulsorily acquired by the agency;

 (d) if it is a lease granted to you by an *Australian government agency under an *Australian law—the lease expires and is not renewed.

Note 1: There are no roll‑over consequences if you make a capital loss from the event.

Note 2: Section 103‑25 tells you when you have to make the choice.

 (2) You must receive money or another *CGT asset, or both:

 (a) as compensation for the event happening; or

 (b) under an insurance policy against the risk of loss or destruction of the original asset.

Note: There are other requirements that must be satisfied if:

                  * you receive money: see section 124‑75; or

                  * you receive another CGT asset: see section 124‑80.

 (3) The requirement in subsection (4) must be satisfied if:

 (a) you are not an Australian resident just before the event happens; or

 (b) you are the trustee of a trust that is not a *resident trust for CGT purposes for the income year in which the event happens.

 (4) The original asset must have the *necessary connection with Australia just before the event happens. The other asset must have the *necessary connection with Australia just after you *acquire it.

124‑75  Other requirements if you receive money

 (1) If you receive money for the event happening, you can choose to obtain a roll‑over only if these other requirements are satisfied.

Note: The roll‑over consequences are set out in section 124‑85.

 (2) You must:

 (a) incur expenditure in *acquiring another *CGT asset; or

 (b) if part of the original asset is lost or destroyed—incur expenditure of a capital nature in repairing or restoring it.

 (3) At least some of the expenditure must be incurred:

 (a) no earlier than one year, or within such further time as the Commissioner allows in special circumstances, before the event happens; or

 (b) no