STAMP DUTIES ACT 1923 - SECT 71D
STAMP DUTIES ACT 1923 - SECT 71D
71D—Concessional duty to encourage exploration activity
(1) Where upon an
application made under this section the Treasurer, after consultation with the
Minister to whom the administration of the Mining Act 1971 is committed,
is satisfied—
(a) that
the applicants are parties to a conveyance of a prescribed tenement or an
interest in a prescribed tenement; and
(b) that
the consideration or a part of the consideration for the conveyance consists
of an undertaking on the part of the person or persons acquiring an interest
in the tenement by virtue of the conveyance—
(i)
to engage in exploratory or investigatory operations (to
be carried on after the date of the undertaking) within that part of the area
of the tenement to which the conveyance relates; or
(ii)
to contribute to the cost of exploratory or investigatory
operations (to be carried on after the date of the undertaking) within that
part of the area of the tenement to which the conveyance relates,
this section applies to the conveyance.
(2) An application
under this section must—
(a) be
made in a manner and form determined by the Treasurer; and
(b) set
out a statement of—
(i)
the value of the interest being transferred by the
conveyance; and
(ii)
the value of the undertaking referred to in
subsection (1)(b); and
(c) be
accompanied by such evidence as the Treasurer may require.
(2a) The duty payable
upon a conveyance to which this section applies will be as follows:
(a)
where the amount by reference to which the duty would, apart from this
section, be calculated does not exceed the value of the undertaking referred
to in subsection (1)(b)—the duty will be $1 000;
(b)
where the amount by reference to which the duty would, apart from this
section, be calculated exceeds the value of the undertaking referred to in
subsection (1)(b)—the duty will be an amount calculated in
accordance with the following formula:
where
"D" is the amount payable
"A" is the amount of duty payable apart from this section
"V" is the amount of duty payable on a conveyance of an interest in property
the value of which equals the value of the undertaking referred to in
subsection (1)(b).
(3) In this
section—
"exploration tenement" means—
(a) an
exploration licence granted under the Mining Act 1971 ; or
(b) an
exploration licence granted under the Petroleum and Geothermal Energy
Act 2000 ; or
(c) an
exploration permit for petroleum granted under the Petroleum (Submerged
Lands) Act 1982 ; or
(d) an
exploration licence granted under the Offshore Minerals Act 2000 ;
"prescribed tenement" means—
(a) an
exploration tenement; or
(b) a
retention tenement;
"retention tenement" means—
(a) a
retention lease under the Mining Act 1971 ; or
(b) a
retention licence under the Petroleum and Geothermal Energy Act 2000 ;
or
(c) a
retention lease under the Petroleum (Submerged Lands) Act 1982 ; or
(d) a
retention licence under the Offshore Minerals Act 2000 .
(4) A reference in
this section to a prescribed tenement includes a reference to a portion of a
prescribed tenement.
(5) For the purposes
of this section, the value of the undertaking referred to in
subsection (1)(b) will be taken to be equal to the costs for which the
person or persons acquiring an interest in the tenement by virtue of the
conveyance become liable, or for which that person or those persons are
reasonably expected to become liable, by virtue of the undertaking (assessed
as at the time that the undertaking was given).
(6) This section
applies to a conveyance first lodged with the Commissioner for stamping on or
after the commencement of the Stamp Duties (Concessional Duty and Exemptions)
Amendment Act 1991 .