Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 40.1095

The costs and termination values of parts of interests in mining, quarrying or prospecting rights that are transferred under farm - in farm - out arrangements are reduced by the market value of the exploration benefits conferred under the arrangements.

Table of sections

Farm - in farm - out arrangements and exploration benefits

40 - 1100   Meaning of farm - in farm - out arrangement and exploration benefit

Consequences for transferors

40 - 1105   Treatment of certain exploration benefits received under farm - in farm - out arrangements

40 - 1110   Cost of split interests resulting from farm - in farm - out arrangements

40 - 1115   Deductions relating to receipt of exploration benefits

40 - 1120   Cost base and reduced cost base of exploration benefits etc.

40 - 1125   Effect of exploration benefits on the cost of mining, quarrying or prospecting information

Consequences for transferees

40 - 1130   Consequences of certain exploration benefits provided under farm - in farm - out arrangements