Western Australian Current Acts Western Australian Current Acts (1) Subsection (3)
applies to a concessional farm-in transaction if, before the concessional
farm-in transaction is completed, the consideration for the concessional
farm-in transaction is increased or reduced.
Example for this subsection:
There is a purchase
agreement in relation to a concessional farm-in transaction and the farmee
provides the consideration referred to in section 91M(9)(a).
(2) For the purposes
of subsection (1), a concessional farm-in transaction is completed when either
of the following applies after the farmee has fulfilled the exploration
requirement —
(a) as
contemplated in section 91M(1)(c) or (d), the farmee —
(i)
acquires an interest in a relevant mining tenement; or
(ii)
is granted a derivative mining right in relation to a
relevant mining tenement; or
(iii)
acquires an interest in a relevant derivative mining
right;
(b)
paragraph (a) cannot apply because all of the farmee’s options, as
contemplated in section 91M(1)(c) and (d), have terminated without being
exercised.
(3) The Commissioner
must assess or reassess the duty chargeable on the concessional farm-in
transaction on the basis of the increased or reduced consideration.
(4) However, if it is
reduced consideration, the Commissioner does not have to reassess the duty
unless the taxpayer makes an application for the reassessment.
(5) If there is
increased consideration after the concessional farm-in transaction is duty
endorsed, section 31(5) applies with any necessary modifications.
(6) Duty is chargeable
on a reassessment under subsection (3) in relation to a concessional farm-in
transaction at the same rate and using the same thresholds that applied when
liability for duty on the concessional farm-in transaction initially arose.
(7) Subsection (3)
does not apply in a case where a taxpayer may apply for a reassessment because
of subsection (8).
(8) If any part of the
consideration for a concessional farm-in transaction is dependent on the
happening of a future event, or on a future event not happening, section 32(1)
and (3) apply, with any necessary modifications, as if references to an
agreement for the transfer of dutiable property were to the concessional
farm-in transaction.
(9) For the purposes
of subsection (8), the Taxation Administration Act section 17 applies as if
—
(a)
despite subsection (1) of that section, a person is not entitled to apply for
a reassessment after the later of the following —
(i)
5 years after the day on which the concessional farm-in
transaction was made;
(ii)
12 months after the day on which the requirements of
section 32(1)(b) and (c) (as applied under subsection (8)) were fulfilled;
and
(b)
despite subsection (4) of that section, the Commissioner may only make a
reassessment on an application if the application was made within that time.
[Section 91Q inserted: No. 37 of 2022 s. 8.]