DUTIES ACT 2001 - SECT 84I Exclusion of s 22(2) for particular dutiable transactions under farm-in agreement

DUTIES ACT 2001 - SECT 84I

84I Exclusion of s 22(2) for particular dutiable transactions under farm-in agreement

Section 22 (2) does not apply to the transfer of an interest in an exploration authority if—

(a) both of the following apply—

(i) the transfer is made under a 100% transfer farm-in agreement; and

(ii) the transfer results in the farmee holding 100% of the interest in the exploration authority; or

(b) the interest is transferred to the farmee for a deferred farm-in agreement, even though the farmee has failed to spend all or part of the exploration amount for the transfer under the agreement in the way mentioned in section 84C (1) (b) .