(1) Subject to subsections (3) and (4) , for a reassessment under section 84Mthe 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.