Western Australian Current Acts Western Australian Current Acts (1) This section
applies if a farm-in transaction (the additional farm-in transaction ) is
added to a farm-in agreement after the farm-in agreement is made.
(2) The additional
farm-in transaction is a concessional farm-in transaction only —
(a) if
the additional farm-in transaction —
(i)
is a concessional farm-in transaction under subsection
(3) or (4); and
(ii)
if both section 91M(1)(a)(i) and (ii) apply — is a
concessional farm-in transaction under both subsections (3) and (4);
or
(b) in
any circumstances prescribed for the purposes of this paragraph.
(3) The additional
farm-in transaction is a concessional farm-in transaction if —
(a)
section 91M(1)(a)(i) and (c)(i) apply; and
(b) each
relevant mining tenement for the additional farm-in transaction is also either
of the following —
(i)
a relevant mining tenement for a concessional farm-in
transaction that was contained in the farm-in agreement when the farm-in
agreement was made;
(ii)
a replacement mining tenement for a relevant mining
tenement referred to in subparagraph (i);
and
(c) when
the additional farm-in transaction is added to the farm-in agreement, the
farmee is not the holder, or 1 of the holders, of any relevant mining tenement
for the additional farm-in transaction.
(4) The additional
farm-in transaction is a concessional farm-in transaction if —
(a)
section 91M(1)(a)(ii) applies; and
(b) each
relevant derivative mining right for the additional farm-in transaction is
also either of the following —
(i)
a relevant derivative mining right for a concessional
farm-in transaction that was contained in the farm-in agreement when the
farm-in agreement was made;
(ii)
a replacement derivative mining right for a relevant
derivative mining right referred to in subparagraph (i);
and
(c) the
Commissioner is satisfied that, when the additional farm-in transaction is
added to the farm-in agreement, the farmee is not the holder, or 1 of the
holders, of any relevant derivative mining right for the additional farm-in
transaction.
(5) If the additional
farm-in transaction is a concessional farm-in transaction, the Commissioner
may, for the purpose of applying section 91P(3), (5) or (6), reassess the duty
chargeable on any other concessional farm-in transaction contained in the
farm-in agreement —
(a) on
the Commissioner’s own initiative; or
(b) on
the application of the taxpayer.
(6) For the purposes
of a reassessment under subsection (5) of the duty chargeable on a
concessional farm-in transaction, the concessional farm-in transaction is to
be taken to have been made when the additional farm-in transaction is added to
the farm-in agreement.
(7) For the purposes
of a reassessment under subsection (5), the Taxation Administration Act
section 17 applies as if —
(a) in
subsection (1) of that section, the reference to 5 years after the original
assessment was made were to the later of the following —
(i)
5 years after the day on which the original assessment
was made;
(ii)
12 months after the day on which the additional farm-in
transaction is added to the farm-in agreement;
and
(b) in
subsection (4) of that section, references to 5 years after the date of the
original assessment were to the later of the following —
(i)
5 years after the day on which the original assessment
was made;
(ii)
12 months after the day on which the additional farm-in
transaction is added to the farm-in agreement.
[Section 91S inserted: No. 37 of 2022 s. 8.]