sec.84MWhen commissioner must reassess transfer duty

### sec.84M When commissioner must reassess transfer duty The commissioner must make a reassessment of transfer duty for a farm-in agreement if, under the agreement, either of the following events happen (each a reassessment event )— for an upfront farm-in agreement, the farmee is required to— lodge the information and farm-in agreement or a transfer duty statement for the agreement under section 84K ; or give notice and lodge the farm-in agreement or a transfer duty statement for the agreement under section 84L (2) ; for a deferred farm-in agreement—an interest in an exploration authority is transferred by the farmor to the farmee. See also section 84P for when the commissioner must make a reassessment. However, subsection (1) (a) (ii) does not apply if— the farmee transfers the interest back to the farmor under the agreement before the expiry of— the period for complying with section 84L (2) ; or if the commissioner considers a longer period is appropriate—the longer period; or both of the following apply— an ECD variation has been made for the expenditure of the exploration amount; the commissioner is satisfied the ECD variation is not part of an arrangement to avoid the imposition of transfer duty. Also, subsection (1) does not apply if— the requirement mentioned in subsection (1) (a) relates to the transfer of an interest in an exploration authority under an upfront farm-in agreement that is a 100% farm-in agreement and, on the completion of the transfer, 100% of the interest in the authority will be held by the farmee; or the transfer of an interest in an exploration authority mentioned in subsection (1) (b) is made under a deferred farm-in agreement that is a 100% farm-in agreement and, on the completion of the transfer, 100% of the interest in the authority will be held by the farmee. Subsection (1) applies despite the limitation period under the Administration Act for reassessments. See the Administration Act , part 3 (Assessments of tax), division 3 (Reassessments). s 84M ins 2015 No. 4 s 15 (sec.84M-ssec.1) The commissioner must make a reassessment of transfer duty for a farm-in agreement if, under the agreement, either of the following events happen (each a reassessment event )— for an upfront farm-in agreement, the farmee is required to— lodge the information and farm-in agreement or a transfer duty statement for the agreement under section 84K ; or give notice and lodge the farm-in agreement or a transfer duty statement for the agreement under section 84L (2) ; for a deferred farm-in agreement—an interest in an exploration authority is transferred by the farmor to the farmee. See also section 84P for when the commissioner must make a reassessment. (sec.84M-ssec.2) However, subsection (1) (a) (ii) does not apply if— the farmee transfers the interest back to the farmor under the agreement before the expiry of— the period for complying with section 84L (2) ; or if the commissioner considers a longer period is appropriate—the longer period; or both of the following apply— an ECD variation has been made for the expenditure of the exploration amount; the commissioner is satisfied the ECD variation is not part of an arrangement to avoid the imposition of transfer duty. (sec.84M-ssec.3) Also, subsection (1) does not apply if— the requirement mentioned in subsection (1) (a) relates to the transfer of an interest in an exploration authority under an upfront farm-in agreement that is a 100% farm-in agreement and, on the completion of the transfer, 100% of the interest in the authority will be held by the farmee; or the transfer of an interest in an exploration authority mentioned in subsection (1) (b) is made under a deferred farm-in agreement that is a 100% farm-in agreement and, on the completion of the transfer, 100% of the interest in the authority will be held by the farmee. (sec.84M-ssec.4) Subsection (1) applies despite the limitation period under the Administration Act for reassessments. See the Administration Act , part 3 (Assessments of tax), division 3 (Reassessments). - (a) for an upfront farm-in agreement, the farmee is required to— (i) lodge the information and farm-in agreement or a transfer duty statement for the agreement under section 84K ; or (ii) give notice and lodge the farm-in agreement or a transfer duty statement for the agreement under section 84L (2) ; - (i) lodge the information and farm-in agreement or a transfer duty statement for the agreement under section 84K ; or - (ii) give notice and lodge the farm-in agreement or a transfer duty statement for the agreement under section 84L (2) ; - (b) for a deferred farm-in agreement—an interest in an exploration authority is transferred by the farmor to the farmee. - (i) lodge the information and farm-in agreement or a transfer duty statement for the agreement under section 84K ; or - (ii) give notice and lodge the farm-in agreement or a transfer duty statement for the agreement under section 84L (2) ; - (a) the farmee transfers the interest back to the farmor under the agreement before the expiry of— (i) the period for complying with section 84L (2) ; or (ii) if the commissioner considers a longer period is appropriate—the longer period; or - (i) the period for complying with section 84L (2) ; or - (ii) if the commissioner considers a longer period is appropriate—the longer period; or - (i) the period for complying with section 84L (2) ; or - (ii) if the commissioner considers a longer period is appropriate—the longer period; or - (b) both of the following apply— (i) an ECD variation has been made for the expenditure of the exploration amount; (ii) the commissioner is satisfied the ECD variation is not part of an arrangement to avoid the imposition of transfer duty. - (i) an ECD variation has been made for the expenditure of the exploration amount; - (ii) the commissioner is satisfied the ECD variation is not part of an arrangement to avoid the imposition of transfer duty. - (i) an ECD variation has been made for the expenditure of the exploration amount; - (ii) the commissioner is satisfied the ECD variation is not part of an arrangement to avoid the imposition of transfer duty. - (a) the requirement mentioned in subsection (1) (a) relates to the transfer of an interest in an exploration authority under an upfront farm-in agreement that is a 100% farm-in agreement and, on the completion of the transfer, 100% of the interest in the authority will be held by the farmee; or - (b) the transfer of an interest in an exploration authority mentioned in subsection (1) (b) is made under a deferred farm-in agreement that is a 100% farm-in agreement and, on the completion of the transfer, 100% of the interest in the authority will be held by the farmee.