MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
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.
Note:
The amount may be mining expenditure under this Division.
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