MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-5 - ACCOUNTING FOR MRRT  

Division 195 - Non-cash benefits  

Guide to Division 195  

SECTION 195-1   195-1   WHAT THIS DIVISION IS ABOUT  

If an entity gives and receives non-cash benefits under an arrangement (a barter transaction), the entity is taken to have:

  • (a) received an amount for the non-cash benefits it gives; and
  • (b) applied that amount to acquire the non-cash benefits it receives.
  • 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.


    TABLE OF SECTIONS
    TABLE OF SECTIONS
    Operative provisions
    195-5 Object of this Division
    195-10 Barter transactions
    195-15 Gift transactions


     

    Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

    CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

    The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.