The Qld Office of State Revenue (OSR) has issued Public Ruling DA000.12.1 (Transfer duty – exemption for farm-in transactions in the resources sector).
The OSR says the Ruling implements the exemption for exploration and development expenditure occurring under a farm-in agreement as announced in the Qld Budget 2012-13. The Ruling publishes the terms of an administrative arrangement providing an exemption from transfer duty for certain transactions in the resources sector, subject to conditions, pending legislative amendment. The OSR notes the Ruling has specific transitional provisions outlining timing conditions for the transactions it will apply to. The Ruling took effect on 27 June 2013.
[126, 3/7/13]