Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p4
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 4/59)
Character Range: 2542991–2545429

excised part. The *cost base of the excised part is so much of the *cost base of the relevant *Crown lease as is attributable to the excised part.
  Its *reduced cost base is worked out similarly.
Note: You may make a capital gain or loss on the excised part because of CGT event C2.

124‑595  Treating parts of new right as separate assets
 (1) Each part of a *Crown lease or an estate in fee simple that is part of the new right is taken to be a separate *CGT asset to the extent that it relates to:
 (a) land to which a Crown lease (that was part of the original right) related where you *acquired the lease before 20 September 1985; and
 (b) land to which a Crown lease (that was part of the original right) related where you acquired the lease on or after 20 September 1985; and
 (c) other land.
 (2) You are taken to have *acquired each asset that is a separate *CGT asset because of paragraph (1)(a) before 20 September 1985.

124‑600  What is the roll‑over?
 (1) The roll‑over is mainly as specified in Subdivision 124‑A.
 (2) However, you work out the *cost base and *reduced cost base of *CGT assets (that you are not taken to have *acquired before 20 September 1985) and that are part of the new right a bit differently where section 124‑590 or 124‑595 applies.
 (3) The first element of your *cost base for each of those assets is:
where:
CB of post‑CGT original right is the sum of the *cost bases of the *Crown leases (that were part of the original right) and that you *acquired on or after 20 September 1985 (just before the original right expired or was surrendered) reduced, if there is an excised part, by so much of those cost bases as is attributable to the excised part.
market value of all new assets is the *market value of all *CGT assets (that you are not taken to have *acquired before 20 September 1985) that are part of the new right just after you acquired them.
market value of separate asset is the *market value of the particular asset just after you *acquired it.
 (4) The first element of the *reduced cost base of each of those assets is worked out similarly.

124‑605  Change of lessor
 (1) You treat a lease of land (whether or not it is a *Crown lease) granted to you (the 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