Income Tax Assessment Act 1997
View history note
Hide history noteIf:
(a) *CGT event A1 is the *disposal of part of your interest in a *mining, quarrying or prospecting right; and
(b) the part is disposed of under a *farm-in farm-out arrangement; and
(c) you have received an *exploration benefit in respect of the event happening;
in working out the *capital proceeds for the CGT event, treat as zero the *market value of the exploration benefit.
116-115(2)
If:
(a) *CGT event C2 arises as a result of an *exploration benefit being provided to you; and
(b) the exploration benefit is provided under a *farm-in farm-out arrangement;
in working out the *capital proceeds for the CGT event, treat as zero the *market value of the exploration benefit.
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