Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p5
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 5/59)
Character Range: 2545203–2548011

fresh lease) as being a renewal of your original right if:
 (a) after the grant of the original right, the land (the original land) to which it related became vested in an *Australian government agency (other than the one that granted the original right); and
 (b) the second agency granted you the fresh lease over:
 (i) the original land; or
 (ii) the original land less an excised area; or
 (iii) the original land and other land; and
 (c) the fresh lease was granted under an *Australian law (other than the common law).
 (2) You do this even if there is a period between the end of the original right and the grant of the fresh lease if you continued to occupy the original land during that period under a permission, licence or authority granted by the second agency.

Subdivision 124‑K—Depreciating assets

Table of sections
124‑655 Roll‑over for depreciating assets
124‑660 Right granted to associate

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.

124‑660  Right granted to associate
  If the *quasi‑ownership right or estate in fee simple is instead granted to an *associate or an *associated government entity of yours:
 (a) your *reduced cost base of the *depreciating asset is reduced by the *adjustable value of the asset just before the original quasi‑ownership right expired or was surrendered or terminated; and
 (b) there is no roll‑over.

Subdivision 124‑L—Prospecting and mining entitlements

Guide to Subdivision 124‑L

124‑700  What this Subdivision is about
      This Subdivision sets out the situations in which there is a roll‑over if a prospecting or mining entitlement expires or is surrendered and it is replaced by a new one.

Table of sections

Operative provisions
124‑705 Extension or renewal of prospecting or mining entitlement
124‑710 Meaning