Key Points:
Details of the promised exemption from transfer duty for
Queensland exploration authorities have now been released, but
there's a sting in the tail for the transfer of mining
information.
Historically, Queensland was a friendly jurisdiction for the
mining sector, with comparatively low duty rates (which although
not as low as they were, are still among the country's best)
and with exploration tenements of all types falling outside the
duty net.
Changes to Queensland duty laws, implemented last year by the
Fiscal Repair Amendment Act 2012 (and first announced in February
2012)
expanded the mining industry's liabilities with respect to
transfer duty, bringing Exploration Permits within the definition
of "land". However, the Government stated that it
would introduce an exemption for farm-in agreements with respect to
exploration authorities, broadly in line with that existing in some
other States.
