Western Australian Current Acts Western Australian Current Acts (1) If an agreement
that is a concessional farm-in transaction ceases to meet the requirements for
a farm-in transaction set out in section 91M(1) to (5), the agreement ceases
to be a concessional farm-in transaction accordingly.
(2) Subsection (4)
applies if an agreement that is a concessional farm-in transaction is varied
so as to add a relevant mining tenement or relevant derivative mining right,
except that subsection (4) does not apply in any of the following
circumstances —
(a)
subsection (1) applies as a result of the variation;
(b) all
of the following apply —
(i)
the relevant mining tenement is a prospecting licence or
exploration licence or the relevant derivative mining right relates to a
prospecting licence or exploration licence;
(ii)
the relevant mining tenement or relevant derivative
mining right was granted after the concessional farm-in transaction was made;
(iii)
the variation occurs within 3 months after the day on
which the relevant mining tenement or relevant derivative mining right was
granted or within a longer period allowed by the Commissioner;
(c) any
circumstances prescribed for the purposes of this paragraph.
(3) Subsection (4)
also applies if an agreement that is a concessional farm-in transaction is
varied so as to increase the interest in a relevant mining tenement, or in a
relevant derivative mining right, that the farmee is to acquire, or might
acquire, as contemplated in section 91M(1)(c)(i) or (d), except that
subsection (4) does not apply in any of the following circumstances —
(a)
subsection (1) applies as a result of the variation;
(b) as
the case requires —
(i)
the farmee is not the holder, or 1 of the holders, of the
relevant mining tenement when the variation occurs; or
(ii)
the Commissioner is satisfied that, when the variation
occurs, the farmee is not the holder, or 1 of the holders, of the relevant
derivative mining right;
(c) any
circumstances prescribed for the purposes of this paragraph.
(4) The agreement is
taken not to be a concessional farm-in transaction to the extent that the
agreement relates to —
(a) the
relevant mining tenement or relevant derivative mining right that is added; or
(b) the
increase in the interest in the relevant mining tenement or relevant
derivative mining right.
(5) Regulations may
prescribe circumstances in which, if an agreement that is a concessional
farm-in transaction is varied, the agreement —
(a)
ceases to be a concessional farm-in transaction; or
(b) is
taken not to be a concessional farm-in transaction to a prescribed extent.
(6) Subsections (7) to
(10) apply if, at any time (the relevant time ), under this section or under
regulations made for the purposes of subsection (5) —
(a) an
agreement ceases to be a concessional farm-in transaction; or
(b) an
agreement is taken not to be a concessional farm-in transaction to an extent.
(7) If, as the
agreement stands at the relevant time, the agreement gives effect to, or
evidences, a dutiable transaction that is not a concessional farm-in
transaction —
(a) duty
is chargeable on the dutiable transaction as if the dutiable transaction had
occurred at the relevant time; and
(b) the
other provisions of this Act apply accordingly.
(8) If subsection (7)
applies because of subsection (6)(b), the reference in subsection (7) to the
agreement is to the agreement to the extent that it is taken not to be a
concessional farm-in transaction.
(9) The ceasing of the
agreement to be a concessional farm-in transaction, or the taking of the
agreement not to be a concessional farm-in transaction to an extent, does not
affect any liability for duty that arose before the relevant time.
(10) However, nothing
in this section, or in regulations made for the purposes of subsection (5),
prevents section 107 from applying to the agreement as a concessional farm-in
transaction if the event giving rise to the application of this section or
those regulations would, apart from this section or those regulations, cause
the agreement to become a cancelled transaction as defined in that section.
[Section 91T inserted: No. 37 of 2022 s. 8.]
[Heading inserted: No. 37 of 2022 s. 8.]