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INCOME TAX ASSESSMENT ACT 1997 - SECT 116.115

Farm-in farm-out arrangements

             (1)  If:

                     (a)  * CGT event A1 is the * disposal of part of your interest in a * mining, quarrying or prospecting right; and

                     (b)  the part is disposed of under a * farm-in farm-out arrangement; and

                     (c)  you have received an * exploration benefit in respect of the event happening;

in working out the * capital proceeds for the CGT event, treat as zero the * market value of the exploration benefit.

             (2)  If:

                     (a)  * CGT event C2 arises as a result of an * exploration benefit being provided to you; and

                     (b)  the exploration benefit is provided under a * farm-in farm-out arrangement;

in working out the * capital proceeds for the CGT event, treat as zero the * market value of the exploration benefit.



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