MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-5 - ACCOUNTING FOR MRRT  

Division 195 - Non-cash benefits  

Operative provisions  

SECTION 195-10   BARTER TRANSACTIONS  

195-10(1)    
This section applies, if:

(a) under an * arrangement , an * entity gives consideration of the following kind ( non-cash consideration ):

(i) a * non-cash benefit ;

(ii) a promise to pay money, other than a promise to pay money within 12 months; and

(b) under the same arrangement, the entity receives non-cash consideration.

195-10(2)    
For the purposes of this Act, when the * entity gives the non-cash consideration, the entity is taken to receive an amount (the received amount ), for that consideration and any amount the entity actually gives under the * arrangement , equal to the sum of:

(a) the * market value of the non-cash consideration the entity receives; and

(b) any amount the entity actually receives under the arrangement.

195-10(3)    
For the purposes of this Act, when the * entity receives the non-cash consideration, the entity is taken to pay the received amount for that consideration and any amount the entity actually receives under the arrangement.

195-10(4)    
To avoid doubt, for the purposes of subsection (2) or (3) , an amount the * entity actually gives or receives under the * arrangement does not include an amount to which subparagraph (1)(a)(ii) applies.