MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
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.
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