Duties Act 2001

This section applies if—

an interest in an exploration authority is transferred to the farmee under an upfront farm-in agreement; and

the farmee fails, under the agreement, to spend all or part of the exploration amount for the interest on or before the expenditure completion date for the amount.

The farmee must, within 30 days after the expenditure completion date—

give notice to the commissioner, in the approved form, of the matter mentioned in subsection (1)(b); and

lodge the farm-in agreement or a transfer duty statement for the agreement.

If the original expenditure completion date is varied under the farm-in agreement, the farmee must comply with subsection (2) in relation to a failure to spend an exploration amount on or before each of the following—

the original expenditure completion date for the amount;

the original expenditure completion date, as varied under the agreement;

each variation to the date mentioned in paragraph (b) made under the agreement.

In this section—original expenditure completion date, for an exploration amount for an interest in an exploration authority under an upfront farm-in agreement, means the day stated in the agreement on or before which the exploration amount must be spent.