The ATO on Mon 16.4.2012, registered a Legislative Instrument to prevent the provisions of Div 29 of the GST Act applying in a way that is inappropriate in particular circumstances under a deferred transfer farm-out arrangement to which Miscellaneous Taxation Ruling MT 2012/2 (Application of the income tax and GST laws to deferred transfer farm-out arrangements) applies. The Instrument applies to arrangements entered into after 24 August 2011.
[LTN 71, 16/4]