Revenue and Other Legislation Amendment Bill 2014 (Qld)

++ AUDAX : AT: FIDELIS +

Queensland

Revenue and Other Legislation Amendment Bill

BioAKATFIDEL

Queensland

Revenue and Other Legislation Amendment Bill 2014

Contents Page

Part 1 Preliminary 1 Short title 2.0... ee ee 14 2 Commencement... .......... 0.0 c cee eee eee 14 Part 2 Amendment of Duties Act 2001 3 Actamended ......... 0.0 c cece cece eet eens 14 4 Amendment of s 8 (Imposition of transfer duty) .............. 14 5 {renament of s 11 (What is the dutiable value of a dutiable transaction) 6 Amendment of s 16 (When liability for transfer duty arises)... . . 15 7 Amendment of s 18 (Need for instrument or statement) ....... 15 8 Amendment of s 19 (Lodging instrument or statement)........ 15 9 Amendment of s 20 (Effect of making or lodging instrument or statement

by 1 party) 0.0... eee 16 10 Amendment of s 21 (No double duty—general).............. 16 11 fmenciment of s 22 (No double duty—particular dutiable transactions) 12 Amendment of s 30 (Aggregation of dutiable transactions) ..... 17 13 Insertion of new ch 2, pt8A........ 00... eee eee 17

Part 8A Concessions for farm-in agreements

Division 1 Some basic concepts about farm-in

agreements

84A Who is afarmor ..... 0.0.2... 0c e cece eee 17

84B What is an upfront farm-in agreement ............ 18

84C What is a deferred farm-in agreement ............ 18

84D What is a 100% transfer farm-in agreement........ 19

84E What is the expenditure completion date and an ECD

variation .... 2.0... eee eee eee 19

Revenue and Other Legislation Amendment Bill 2014

Contents 15

Page 2

84F What is relevant exploration or development ....... 20 Division 2 Transfer duty for farm-in agreements 84G Farm-in agreement is an agreement for the transfer of dutiable property............ 00.0.0 eee eee eee 20 84H Exemption—particular transfers to farmor under upfront farm-in agreement ..............0 0000 e eee eee 21 84! Exclusion of s 22(2) for particular dutiable transactions under farm-in agreement ..............0 0000 e eee eee 21 Division 3 Concessions for transfer duty for farm-in agreements 84J How transfer duty is initially assessed on farm-in agreementDivision 4 Lodgement and notice requirements for upfront farm-in agreements 84K Lodgement requirement on expenditure of exploration AMOUN.. 1... eee ee 22 84L Notice requirement for farmee in particular circumstances 22 Division 5 Reassessments 84M When commissioner must reassess transfer duty .. . 24 84N How transfer duty is reassessed on farm-in agreements 26 Division 6 Miscellaneous 840 Application of penalty tax under Administration Act. . 27 84P Exclusion of arrangements to avoid the imposition of transfer duty... 0.2 eee 28 Amendment of s 136 (Exemption—dealings under Land Act) . . . 28 Amendment of s 145 (Exemption—transfer to State for public or community purpose). ......... 000... cee eee eee ee 28 Amendment of s 156A (Reassessment of duty for cancelled transfer of dutiable property) .......... 0.00... 29 Insertion of new ch 2, pt15 1.2.2 eee eee 29 Part 15 Provisions for ELN transfers Division 1 Preliminary 156D Definitions for pt 15.................02...0000. 29 156E When an ELN transfer document is signed ........ 33 156F When an ELN workspace is locked and unlocked .. . 33 156G When transfers of dutiable property are related..... 33 Division 2 Provisions about liability for transfer duty