ARTICLE · 28 MARCH 2012

Queensland duty changes for mining exploration and prospecting permits

Gadens Lawyers

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Direct and indirect transfers of mineral and petroleum exploration and prospecting permits will be subject to duty.

AustraliaTax

Lionel Hogg

In its January 2012 mid year economic review the Queensland Government announced its intention to change the Queensland stamp duty laws so that direct and indirect transfers of ownership of mineral and petroleum exploration and prospecting permits will become subject to duty.

Presently, only mineral and petroleum leases, which are characterised as 'land' under the Queensland Duties Act 2001, attract duty under the transfer duty and 'landholder' provisions. The landholder (previously called the 'land rich') provisions currently impose duty on acquisitions of prescribed levels of interest in corporations that own mineral or petroleum lease assets, but not resource exploration and development rights.

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