Document ID: chunk:federal_register_of_legislation:C2024C00267:section:8:p27
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 8 (pt 27/48)
Character Range: 294892–297695

purposes of this section.
 (3) For an original licence that has an ineligible part, the reduced cost base of the ineligible part is the reduced cost base of the original licence multiplied by the amount worked under the formula set out in subsection (1).

124‑142  ASGE licence etc.—cost base of aquifer access licence etc.
 (1) The first element of the cost base and reduced cost base of the new licence that is covered under subsection 124‑140(3) is the total of the cost bases of the original licences.
Note: For the purposes of this section, the cost base of each original licence that has an ineligible part is reduced in accordance with subsection 124‑150(4) of the Income Tax Assessment Act 1997.
 (2) The cost base and reduced cost base of any new licence that is not covered under subsection 124‑140(3) is nil.
 (3) Subsections (4) and (5) apply if:
 (a) there was more than one original licence; and
 (b) some of the original licences were acquired before 20 September 1985; and
 (c) subsection 124‑165(2) of the Income Tax Assessment Act 1997 applies in relation to the new licence that is covered under subsection 124‑140(3) (splitting that licence into 2 separate CGT assets).
 (4) For the purposes of subsection (2), treat the asset that is taken under paragraph 124‑165(2)(a) of that Act to have been acquired on or after 20 September 1985 as a new licence that is covered under subsection 124‑140(3) of this Act.
 (5) Work out the first element of the cost base and reduced cost base of that asset in accordance with subsection 124‑165(3) of that Act.

Subdivision 124‑I—Change of incorporation

Table of sections
124‑510 Application of Subdivision 124‑I of the Income Tax Assessment Act 1997

124‑510  Application of Subdivision 124‑I of the Income Tax Assessment Act 1997
  Subdivision 124‑I of the Income Tax Assessment Act 1997, as amended by Schedule 2 to the Tax Laws Amendment (2011 Measures No. 9) Act 2012, applies to CGT events happening after 7.30 pm (by legal time in the Australian Capital Territory) on 11 May 2010.

Division 125—Demerger relief

Table of Subdivisions
125‑B Consequences for owners of interests

Subdivision 125‑B—Consequences for owners of interests

Table of sections
125‑75 Employee share schemes

125‑75  Employee share schemes
  Despite the amendment of section 125‑75 of the Income Tax Assessment Act 1997 made by Schedule 1 to the Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009, subsection (1) of that section continues to apply, from the commencement of that Schedule, to each ownership interest that it applied to just before that commencement.

Division 126—Roll‑overs

Table of Subdivisions
126‑A Merger of qualifying superannuation funds
126‑B Transfer of life insurance business

Subdivision 126‑A—Merger of qualifying superannuation