Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p18
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 18/22)
Character Range: 406104–408961

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 of prospecting entitlement and mining entitlement
124‑715 Original entitlement differs in area from new entitlement
124‑720 Part of original entitlement excised
124‑725 Treating parts of new entitlement as separate assets
124‑730 What is the roll‑over?

[This is the end of the Guide.]

Operative provisions

124‑705  Extension or renewal of prospecting or mining entitlement

 (1) There is a roll‑over if:

 (a) you hold one or more *CGT assets that are *prospecting entitlements or *mining entitlements (the original entitlement); and

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

 (c) you are granted one or more new prospecting entitlements or mining entitlements (the new entitlement); and

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

Note 1: The roll‑over consequences are set out in Subdivision 124‑A. They might be modified: see section 124‑730.

Note 2: If there has been a capital improvement to the entitlement: see section 108‑75.

 (2) The new entitlement must have been granted in one of these ways:

 (a) by renewing or extending the term of the original entitlement where the renewal or extension is mainly due to your having held the original entitlement; or

 (b) by consolidating, or consolidating and dividing, the original entitlement; or

 (c) by subdividing the original entitlement; or

 (d) by converting a *prospecting entitlement to a *mining entitlement, or a mining entitlement to a prospecting entitlement; or

 (e) by excising or relinquishing a part of the land to which the original entitlement related; or

 (f) by expanding the area of that land.

124‑710  Meaning of prospecting entitlement and mining entitlement

 (1) A prospecting entitlement is:

 (a) an authority, licence, permit or entitlement under an *Australian law or foreign law to prospect or explore for minerals in an area; or

 (b) a lease of land that allows the lessee to prospect or explore for minerals on the land; or

 (c) an interest in a thing referred to in paragraph (a) or (b).

 (2) A mining entitlement is:

 (a) an authority, licence, permit or entitlement under an *Australian law or foreign law to mine for *minerals in an area; or

 (b) a lease of land that allows the lessee to mine for minerals on the land; or

 (c) an interest in a thing referred to in paragraph (a) or (b).

124‑715  Original entitlement differs in area from new entitlement

 (1) Even if the new entitlement