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INCOME TAX ASSESSMENT ACT 1997 - SECT 116.115 Farm - in farm - out arrangements

INCOME TAX ASSESSMENT ACT 1997 - SECT 116.115

Farm - in farm - out arrangements

  (1)   If:

  (a)   * CGT event A1 is the * disposal of part of your interest in a * mining, quarrying or prospecting right; and

  (b)   the part   is disposed of under a * farm - in farm - out arrangement; and

  (c)   you have received an * exploration benefit in respect of the event happening;

in working out the * capital proceeds for the CGT event, treat as zero the * market value of the exploration benefit.

  (2)   If:

  (a)   * CGT event C2 arises as a result of an * exploration benefit being provided to you; and

  (b)   the exploration benefit is provided under a * farm - in farm - out arrangement;

in working out the * capital proceeds for the CGT event, treat as zero the * market value of the exploration benefit.

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