📜 Duties Amendment (Farm-in Agreements) Bill 2022
Assented toLABill 7817 August 2022
The Duties Amendment (Farm-in Agreements) Bill 2022 amends the Duties Act 2008 to address issues with transfer duty concessions for farm-in agreements involving mining tenements, maintaining long-standing concessions and updating them to accommodate different structuring methods.
Impact
Mining companies and tenement holders are affected. The bill ensures the continuation of duty concessions for eligible farm-in agreements, promoting exploration and investment in the mining sector. It also prevents unintended duty relief.
Key Changes
["Clarifies the application of duty concessions to multi-stage farm-in arrangements.", "Addresses the treatment of exploration amounts including administrative costs.", "Extends concessions to farm-in agreements involving applications for mining tenements."]
Parliamentary Progress
- LA IntroducedLA17 Aug 2022
- LA Second Reading MovedLA17 Aug 2022
- LA Second Reading AgreedLA20 Sept 2022
- LA Third ReadingLA20 Sept 2022
- LC Second Reading MovedLC21 Sept 2022
- LC Second Reading AgreedLC25 Oct 2022
- LC Third ReadingLC27 Oct 2022
- Royal Assent1 Nov 2022
Affected Sectors
miningresourcesfinance
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