84J
In forceHow transfer duty is initially assessed on farm-in agreement
Chapter 2Transfer duty
Part 8AConcessions for farm-in agreements
Division 3Concessions for transfer duty for farm-in agreements
84J How transfer duty is initially assessed on farm-in agreement
(1)
This section applies for assessing liability for transfer duty on a farm-in agreement.
(2)
The dutiable value of a farm-in agreement is the consideration paid or payable to the farmor, or a related person of the farmor, for the farmor entering into the agreement, other than an exploration amount.
(3)
Section 502(1)(a) and (b) and (2)(a)—
(a)
applies in relation to the consideration mentioned in subsection (2); and
(b)
does not apply in relation to any other consideration payable under the agreement.
This Act’s bill:Explanatory memorandum
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