Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 118.250

  (1)   This section applies to the * CGT event and the exempt land if the CGT event involves:

  (a)   the compulsory * acquisition of the exempt land by:

  (i)   an * Australian government agency; or

  (ii)   an entity under a power conferred by an * Australian law; or

  (b)   you * disposing of the exempt land to an entity in circumstances meeting all of these conditions:

  (i)   the disposal takes place after a notice was served on you by or on behalf of the entity;

  (ii)   the notice invited you to negotiate with the entity with a view to the entity acquiring the exempt land by agreement;

  (iii)   the notice informed you that if the negotiations were unsuccessful, the exempt land would be compulsorily acquired by the entity;

  (iv)   the compulsory acquisition would have been under a power of compulsory acquisition conferred by an Australian law.

Note:   For paragraph   (b), the entity may be an Australian government agency.

  (2)   This section applies to the * CGT event and the exempt land if the CGT event involves:

  (a)   your * ownership interest in the exempt land being compulsorily cancelled (however described) or varied (however described) by:

  (i)   an * Australian government agency; or

  (ii)   an entity under a power conferred by an * Australian law; or

  (b)   you surrendering (however described) or varying (however described) your ownership interest in the exempt land in circumstances meeting all of these conditions:

  (i)   the surrender or variation takes place after a notice was served on you by or on behalf of an entity;

  (ii)   the notice invited you to negotiate with the entity with a view to you agreeing to surrender or vary your ownership interest;

  (iii)   the notice informed you that if the negotiations were unsuccessful, your ownership interest would be compulsorily cancelled, or varied, under a power conferred by an Australian law.

Note:   For paragraph   (b), the entity may be an Australian government agency.

  (3)   This section applies to the * CGT event and the exempt land if the CGT event involves:

  (a)   an interest or right in or relating to the exempt land being compulsorily conferred on:

  (i)   an * Australian government agency; or

  (ii)   an entity under a power conferred by an * Australian law; or

  (b)   you conferring on an entity an interest or right in or relating to the exempt land in circumstances meeting all of these conditions:

  (i)   the conferral takes place after a notice was served on you by or on behalf of an entity;

  (ii)   the notice invited you to negotiate with the entity with a view to you agreeing to confer an interest or right in or relating to the exempt land;

  (iii)   the notice informed you that if the negotiations were unsuccessful, an interest or right in or relating to the exempt land would be compulsorily conferred on the entity under a power conferred by an Australian law.

Note:   For paragraph   (b), the entity may be an Australian government agency.

  (4)   This section applies to the * CGT event and the exempt land if:

  (a)   your * ownership interest in the exempt land:

  (i)   was conferred on you by an * Australian government agency; and

  (ii)   had a limited, but renewable, period of operation; and

  (b)   the CGT event involves that ownership interest not being renewed by that agency.