• Specific Year
    Any

DUTIES ACT 2001 - SECT 84N How transfer duty is reassessed on farm-in agreements

DUTIES ACT 2001 - SECT 84N

How transfer duty is reassessed on farm-in agreements

84N How transfer duty is reassessed on farm-in agreements

(1) Subject to subsections (3) and (4) , for a reassessment under section 84M the dutiable value of the farm-in agreement includes each of the following, other than an exploration amount—
(a) the consideration paid or payable to the farmor, or a related person of the farmor, for the farmor entering into the agreement;
(b) an amount relating to the transfer of an interest in the exploration authority the subject of a reassessment event, paid or payable on or before the day the latest reassessment event happens;
(c) any other consideration under the agreement paid or payable to the farmor, or a related person of the farmor, on or before the day the latest reassessment event happens.
(2) If subsection (1) applies for a reassessment, section 502 (1) (a) and (b) and (2) (a)
(a) applies in relation to the consideration mentioned in subsection (1) ; and
(b) does not apply in relation to any other consideration payable under the agreement.
(3) Subsection (4) applies to a reassessment for a reassessment event mentioned in section 84M (1) (a) (ii) in relation to an interest if the farmee has failed to transfer the interest back to the farmor under the agreement within the time mentioned in section 84M (2) (a) and—
(a) an ECD variation has not been made for the expenditure of the exploration amount; 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 variation is part of an arrangement to avoid the imposition of transfer duty.
(4) The commissioner must make the reassessment to impose transfer duty on the transaction that is the agreement mentioned in section 84M (1) as if the transaction were not a farm-in agreement under this part.
(5) This section applies despite section 84J .