Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p14
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 14/22)
Character Range: 396491–399173

other than *company law; and

 (b) the body is converted into a company incorporated under company law (without creating a new legal entity); and

 (c) the company issues you with *shares (and you receive nothing else) in substitution for your interest in the body just before the conversion; and

 (d) there is no significant difference in:

 (i) the ownership of the body just before the conversion and the ownership of the company just after the conversion; or

 (ii) the mix of ownership of the body just before the conversion and the mix of ownership of the company just after the conversion; and

 (e) this requirement is satisfied:

 (i) you are an Australian resident at the time of the conversion; or

 (ii) if you are not an Australian resident at that time—your interest in the body has the *necessary connection with Australia.

Note 1: The roll‑over consequences are set out in Subdivision 124‑A. The original asset is your interest in the body. The new asset is your shares in the company.

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

 (2) Company law means the Corporations Law of a State or Territory or a similar *State law, *Territory law or *foreign law relating to companies.

Subdivision 124‑J—Crown leases

Guide to Subdivision 124‑J

124‑570  What this Subdivision is about

      This Subdivision sets out the situations in which the holder of a Crown lease over land obtains a replacement asset roll‑over when the lease is, among other things, renewed, extended or converted to an estate in fee simple.

Table of sections

Operative provisions

124‑575 Extension or renewal of Crown lease
124‑580 Meaning of Crown lease
124‑585 Original right differs in area from new right
124‑590 Part of original right excised
124‑595 Treating parts of new right as separate assets
124‑600 What is the roll‑over?
124‑605 Change of lessor

[This is the end of the Guide.]

Operative provisions

124‑575  Extension or renewal of Crown lease

 (1) There is a roll‑over if:

 (a) you hold one or more *CGT assets that are *Crown leases over land (the original right); and

 (b) the original right expires or you surrender it; and

 (c) you are granted one or more new Crown leases over land or one or more estates in fee simple in land, or both (the new right); and

 (d) the new right relates to the same land as the original right.

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