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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 116 - Capital proceeds  

Special rules  

SECTION 116-115  Farm-in farm-out arrangements  

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116-115(1)  

If:


(a) *CGT event A1 is the *disposal of part of your interest in a *mining, quarrying or prospecting right; and


(b) the part is disposed of under a *farm-in farm-out arrangement; and


(c) you have received an *exploration benefit in respect of the event happening;

in working out the *capital proceeds for the CGT event, treat as zero the *market value of the exploration benefit.

116-115(2)  

If:


(a) *CGT event C2 arises as a result of an *exploration benefit being provided to you; and


(b) the exploration benefit is provided under a *farm-in farm-out arrangement;

in working out the *capital proceeds for the CGT event, treat as zero the *market value of the exploration benefit.


 



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