DUTIES ACT 2001 - SECT 658
Particular matters relating to upfront farm-in agreements for retrospectivity period
DUTIES ACT 2001 - SECT 658
Particular matters relating to upfront farm-in agreements for retrospectivity period
658 Particular matters relating to upfront farm-in agreements for
retrospectivity period
(1) If, during the retrospectivity period, the farmee
for an upfront farm-in agreement has lodged the agreement in compliance with
paragraph 12 of the ruling the farmee is taken to have complied with
section 84K.
(2) Also, if, during the retrospectivity period, the farmee for
an upfront farm-in agreement has notified the commissioner in compliance with
paragraph 14 of the ruling, the farmee is taken to have complied with
section 84L.
(3) To remove any doubt, it is declared that if subsection (2)
applies, the commissioner or an investigator under the Administration Act may,
under that Act, require a person liable for transfer duty for the agreement to
give the commissioner or investigator the agreement, or a
transfer duty statement for the agreement, on or after the commencement.
(4)
If, during the retrospectivity period, a person to whom paragraph 12 of the
ruling applied did not comply with that paragraph, section 84K applies as if
the person were required to lodge the information and agreement or a
transfer duty statement for the agreement under that section within 14 days
after the commencement.
(5) If, during the retrospectivity period, a person
to whom paragraph 14 of the ruling applied did not comply with that paragraph,
section 84L applies as if the person were required to give the notice and
lodge the agreement or a transfer duty statement for the agreement under
section 84L(2) within 30 days after the commencement.
