MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)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 195-15   GIFT TRANSACTIONS  

195-15(1)    
For the purposes of this Act, if:

(a) an * entity receives a * non-cash benefit from another entity; and

(b) the entity makes no payment, and gives no non-cash benefit, to any entity at any time for the non-cash benefit the entity receives;

the entity is taken, at the time the entity receives the benefit, to receive an amount equal to the * market value of the benefit and to pay the same amount for the benefit.

195-15(2)    
For the purposes of this Act, if:

(a) an * entity gives a * non-cash benefit to another entity; and

(b) the entity receives no payment, and receives no non-cash benefit, from any entity at any time for the non-cash benefit the entity gives;

the entity is taken, at the time the entity gives the benefit, to pay an amount equal to the * market value of the benefit and to receive the same amount for the benefit.