Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p15
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 15/22)
Character Range: 398947–401523

124‑A. They might be modified: see section 124‑600.

Note 2: If there has been a capital improvement to the Crown lease: see section 108‑75.

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

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

 (b) by changing the purpose for which the land to which the original right related can be used; or

 (c) by converting the original right to a *Crown lease in perpetuity; or

 (d) by converting the original right to an estate in fee simple; or

 (e) by consolidating, or consolidating and dividing, the original right; or

 (f) by subdividing the original right; or

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

 (h) by expanding the area of that land.

124‑580  Meaning of Crown lease

  A Crown lease is:

 (a) a lease of land granted by the Crown under an *Australian law (other than the common law); or

 (b) a similar lease granted under a *foreign law.

124‑585  Original right differs in area from new right

 (1) Even if the new right relates to different land to that to which the original right related, this Subdivision applies as if it relates to the same land in these cases:

 (a) the difference in area is not significant;

 (b) the difference in market value is not significant;

 (c) the new right was granted to correct errors in or omissions from the original right;

 (d) the new right relates to a significantly different area of land but you had made reasonable efforts to ensure that the area was the same;

 (e) it is otherwise reasonable for this Subdivision to apply in that way.

 (2) However, the rule in subsection (1) does not apply if section 124‑590 applies.

124‑590  Part of original right excised

 (1) There is a partial roll‑over if you *acquired the original right on or after 20 September 1985 and:

 (a) the land to which the new right relates is different in area to the land the subject of the original right because a part (the excised part) of the land to which the original right related was excised or you relinquished it; and

 (b) you received a payment for the expiry or surrender of the original right.

The payment can include giving property: see section 103‑5.

Note: Section 124‑600 sets out the effect on your cost base.

 (2) There is no roll‑over for the excised part. The *cost base of the excised part is so much of the *cost base of the relevant *Crown lease as is attributable