Mr Dutton said “The amendment will allow a partial CGT roll-over where a statutory licence ends and is replaced by one or more new licences and the licensee is offered non-licence capital proceeds such as money. Partial roll-over will be available to the extent that the original licence is replaced by a new statutory licence or licences. Where the statutory licence was acquired post-CGT, the CGT 50% discount may apply as may the CGT small business concessions to reduce the capital gain. Partial roll-over allows a pre-CGT licence holder to retain pre-CGT status for the new licence.”
The amendment will apply to CGT events that happen in the 2006-07 income year and later income years. Legislation giving effect to this announcement will be introduced as soon as practicable.
For a copy of the Minister's press release, No 2007/069, 8 June 2007, go here