MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

If an entity gives and receives non-cash benefits under an arrangement (a barter transaction), the entity is taken to have:

(a) received an amount for the non-cash benefits it gives; and

(b) applied that amount to acquire the non-cash benefits it receives.

The amount is the market value of the benefits the entity receives.

If an entity receives or gives a non-cash benefit for nothing (a gift transaction), the entity is taken to have received or paid an amount equal to the market value of the benefit, and to have paid or received that amount for the benefit.