MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]
CHAPTER 4
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SPECIALIST LIABILITY RULES
PART 4-5
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ACCOUNTING FOR MRRT
Division 195
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Non-cash benefits
Guide to Division 195
SECTION 195-1
195-1
WHAT THIS DIVISION IS ABOUT
(a) received an amount for the non-cash benefits it gives; and
(b) applied that amount to acquire the non-cash benefits it receives.
If an entity gives and receives non-cash benefits under an arrangement (a barter transaction), the entity is taken to have:
The amount is the market value of the benefits the entity receives.
If an entity receives or gives a non-cash benefit for nothing (a gift transaction), the entity is taken to have received or paid an amount equal to the market value of the benefit, and to have paid or received that amount for the benefit.
Operative provisions | |
195-5 | Object of this Division |
195-10 | Barter transactions |
195-15 | Gift transactions |
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