Income Tax (Transitional Provisions) Act 1997

Sections 124‑141 and 124‑142 apply if:

there are one or more roll‑overs under section 124‑140 of the Income Tax Assessment Act 1997 where:

your ownership of one or more statutory licences (each of which is an original licence) ends, resulting in CGT event C2 happening to the licence (or to each of the licences as part of an arrangement); and

you are issued one or more new licences (each of which is a new licence) for the original licence (or original licences); and

if there was only one original licence—that licence is covered under subsection (2); and

if there was more than one original licence—at least one of the original licences was covered under subsection (2); and

if there is only one new licence—that licence is covered under subsection (3); and

if there is more than one new licence—only one of the new licences is covered under subsection (3); and

the original licence (or at least one of the original licences) has an ineligible part (as described in section 124‑150 of the Income Tax Assessment Act 1997).

A licence is covered under this subsection if it is:

a bore licence issued under the Water Act 1912 of New South Wales; or

a licence of a kind specified in the regulations.

A licence is covered under this subsection if it is:

an aquifer access licence under the Water Management Act 2000 of New South Wales issued in accordance with the New South Wales Achieving Sustainable Groundwater Entitlements program (the ASGE program); or

a licence of a kind specified in the regulations.