Document ID: chunk:federal_register_of_legislation:C2004C01190:clause:2_300
Version: federal_register_of_legislation:C2004C01190
Segment Type: clause
Provision Reference: sch 2 cl 300
Character Range: 190154–191290

300  Section 124‑655
Repeal the section, substitute:

124‑655  Roll‑over for depreciating assets

  There is a roll‑over for a *depreciating asset if:
 (a) the asset is attached to land you hold under a *quasi‑ownership right granted by an *exempt Australian government agency or an *exempt foreign government agency; and
 (b) you *hold the asset because of section 40‑40; and
 (c) the quasi‑ownership right expires or is terminated or you surrender it; and
 (d) you are granted a new quasi‑ownership right over the land or an estate in fee simple in the land; and
 (e) there is no roll‑over for you under Subdivision 124‑J (about Crown leases) or Subdivision 124‑L (about prospecting and mining entitlements).

Note 1: The roll‑over consequences are set out in Subdivision 124‑A.

Note 2: This section provides a roll‑over for a depreciating asset in the limited circumstances where Subdivision 124‑J cannot because a quasi‑ownership right over land covers situations that a Crown lease does not (for example, an easement over land).

Note 3: If there has been a capital improvement to the quasi‑ownership right: see section 108‑75.