Western Australian Current Acts Western Australian Current Acts (1) In this section
—
mining tenement valuation provision means
section 91E(2) or 91F(2);
prospective right , in relation to a mining
tenement valuation provision, means the prospective right referred to in
whichever of section 91E(1)(b) or 91F(1)(b) is relevant.
(2) A mining tenement
valuation provision that applies to an agreement for the transfer of a mining
tenement when liability for duty on the agreement arises ceases to apply to
the agreement if —
(a) the
prospective right is not granted within the period that applies under
subsection (3); or
(b) the
prospective right is surrendered for no consideration within 12 months after
the day on which the mining tenement is transferred.
(3) For the purposes
of subsection (2)(a), the period is —
(a) the
period of 90 days starting on the day on which the mining tenement is
transferred; or
(b) any
longer period allowed, on application within the period referred to in
paragraph (a), by the Commissioner on any conditions the Commissioner thinks
fit.
(4) If a failure to
grant the prospective right referred to in subsection (2)(a) occurs, the
transferee in respect of the agreement for transfer referred to in subsection
(2) must lodge a notice of the failure in the approved form within 2 months
after the last day of the period that applies under subsection (3).
Penalty for this subsection: a fine of $20 000.
(5) If a surrender
referred to in subsection (2)(b) occurs, the person who surrenders the
prospective right must lodge a notice of the surrender in the approved form
within 2 months after the day on which the surrender occurs.
Penalty for this subsection: a fine of $20 000.
(6) Subject to the
Taxation Administration Act section 17, the Commissioner must make any
reassessment necessary as a result of the operation of subsection (2).
[Section 91I inserted: No. 12 of 2019 s. 34.]
[Heading inserted: No. 37 of 2022 s. 8.]
[Heading inserted: No. 37 of 2022 s. 8.]