Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p2
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 2/59)
Character Range: 2538208–2540906

been *acquired before 20 September 1985 (your post‑CGT shares) is such amount as is reasonable having regard to:
 (a) the total of the cost bases of your original assets that you acquired on or after 20 September 1985; and
 (b) the number and *market value of your post‑CGT shares.
 (4) The reduced cost base of each of your post‑CGT shares is worked out similarly.
 (5) This section has effect despite subsections 124‑15(5) and (6).

124‑535  Rights as member of Indigenous corporation replacing pre‑CGT and post‑CGT mix of interest and rights in body
 (1) This section applies if:
 (a) you choose to obtain a roll‑over under section 124‑520 or 124‑525 relating to rights (the replacement rights) you have as a *member of a company incorporated under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 on account of the following (your original assets):
 (i) your interest in the body mentioned in that section;
 (ii) your other rights relating to the body mentioned in that section; and
 (b) you *acquired any of your original assets before 20 September 1985.
 (2) You are taken to have *acquired the replacement rights before 20 September 1985.
 (3) This section has effect despite subsection 124‑15(5).

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

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 or extending the term of the original right where the renewal or extension is mainly due