sec.84LNotice requirement for farmee in particular circumstances

### sec.84L Notice requirement for farmee in particular circumstances This section applies if— an interest in an exploration authority is transferred to the farmee under an upfront farm-in agreement; and the farmee fails, under the agreement, to spend all or part of the exploration amount for the interest on or before the expenditure completion date for the amount. The farmee must, within 30 days after the expenditure completion date— give notice to the commissioner, in the approved form, of the matter mentioned in subsection (1) (b) ; and lodge the farm-in agreement or a transfer duty statement for the agreement. Failure to give the notice mentioned in paragraph (a) is an offence under the Administration Act , section 120 . Also, the requirement under paragraph (b) is a lodgement requirement under the Administration Act for which a failure to comply is an offence under section 121 of that Act. If the original expenditure completion date is varied under the farm-in agreement, the farmee must comply with subsection (2) in relation to a failure to spend an exploration amount on or before each of the following— the original expenditure completion date for the amount; the original expenditure completion date, as varied under the agreement; each variation to the date mentioned in paragraph (b) made under the agreement. In this section— original expenditure completion date , for an exploration amount for an interest in an exploration authority under an upfront farm-in agreement, means the day stated in the agreement on or before which the exploration amount must be spent. s 84L ins 2015 No. 4 s 15 (sec.84L-ssec.1) This section applies if— an interest in an exploration authority is transferred to the farmee under an upfront farm-in agreement; and the farmee fails, under the agreement, to spend all or part of the exploration amount for the interest on or before the expenditure completion date for the amount. (sec.84L-ssec.2) The farmee must, within 30 days after the expenditure completion date— give notice to the commissioner, in the approved form, of the matter mentioned in subsection (1) (b) ; and lodge the farm-in agreement or a transfer duty statement for the agreement. Failure to give the notice mentioned in paragraph (a) is an offence under the Administration Act , section 120 . Also, the requirement under paragraph (b) is a lodgement requirement under the Administration Act for which a failure to comply is an offence under section 121 of that Act. (sec.84L-ssec.3) If the original expenditure completion date is varied under the farm-in agreement, the farmee must comply with subsection (2) in relation to a failure to spend an exploration amount on or before each of the following— the original expenditure completion date for the amount; the original expenditure completion date, as varied under the agreement; each variation to the date mentioned in paragraph (b) made under the agreement. (sec.84L-ssec.4) In this section— original expenditure completion date , for an exploration amount for an interest in an exploration authority under an upfront farm-in agreement, means the day stated in the agreement on or before which the exploration amount must be spent. - (a) an interest in an exploration authority is transferred to the farmee under an upfront farm-in agreement; and - (b) the farmee fails, under the agreement, to spend all or part of the exploration amount for the interest on or before the expenditure completion date for the amount. - (a) give notice to the commissioner, in the approved form, of the matter mentioned in subsection (1) (b) ; and - (b) lodge the farm-in agreement or a transfer duty statement for the agreement. - (a) the original expenditure completion date for the amount; - (b) the original expenditure completion date, as varied under the agreement; - (c) each variation to the date mentioned in paragraph (b) made under the agreement.