(1) The commissioner must make a reassessment of transfer duty for a farm-in
agreement if, under the agreement, either of the following events happen (each
a
"reassessment event" )—
(a) for an upfront farm-in agreement, the farmee is
required to—
(b) for a deferred farm-in agreement—an
interest in an exploration authority is transferred by the farmor to the
farmee.
Note—
See also section 84Pfor when the commissioner must make a
reassessment.
(2) However, subsection (1) (a) (ii) does not apply if—
(a)
the farmee transfers the interest back to the farmor under the agreement
before the expiry of—
(i) the period for complying with section 84L(2) ; or
(ii) if the commissioner considers a longer period is appropriate—the longer
period; or
(b) both of the following apply—
(i) an ECD variation has been
made for the expenditure of the exploration amount;
(ii) the commissioner is
satisfied the ECD variation is not part of an arrangement to avoid the
imposition of transfer duty.
(3) Also, subsection (1) does not apply if—
(a) the requirement mentioned in subsection (1) (a) relates to the transfer of
an interest in an exploration authority under an upfront farm-in agreement
that is a 100% farm-in agreement and, on the completion of the transfer, 100%
of the interest in the authority will be held by the farmee; or
(b) the
transfer of an interest in an exploration authority mentioned in subsection
(1) (b) is made under a deferred farm-in agreement that is a 100% farm-in
agreement and, on the completion of the transfer, 100% of the interest in the
authority will be held by the farmee.
(4) Subsection (1) applies despite the
limitation period under the Administration Act for reassessments.
Note—
See
the Administration Act , part 3 (Assessments of tax), division 3
(Reassessments).