MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 2 - GENERAL LIABILITY RULES  

PART 2-3 - MINING PROFITS  

Division 35 - Mining expenditure  

Subdivision 35-B - Excluded expenditure  

SECTION 35-55   HIRE PURCHASE AGREEMENTS  

35-55(1)    
An amount of expenditure is excluded expenditure to the extent that it relates to a * hire purchase agreement .

35-55(2)    
However, if an amount of expenditure is excluded expenditure for a miner under subsection (1) in relation to a * hire purchase agreement :

(a) the miner is taken to have incurred the amount mentioned in subsection (3) at the earliest time at which the property is * supplied to the miner under the agreement; and

(b) the miner is taken to have acquired the property for that amount at the time the amount is incurred; and

(c) the amount is not excluded expenditure under subsection (1) or section 35-50 .

35-55(3)    
For the purposes of paragraph (2)(a), the amount is:

(a) if an amount is stated to be the cost or value of the property for the purposes of the agreement, and the miner and the hirer were dealing with each other at * arm ' s length in connection with the agreement - the amount so stated; or

(b) otherwise - the amount that could reasonably have been expected to have been paid by the miner for the purchase of the property if:

(i) the hirer had actually sold the property to the miner at the start of the agreement; and

(ii) the hirer and the miner were dealing with each other at arm ' s length in connection with the sale.