Announcements affecting coal tenure and exploration permits
Changes to duty on exploration permits
The Fiscal Repair Amendment Act 2012 (the Act), which received Royal Assent on 21 September 2012, implements the announcement in the State Budget 2012-13 that transfer duty will apply to the direct and indirect transfer of a prospecting or exploration permit or an authority (exploration authority). The change applies from 10.30am on 13 January 2012 (start time) as announced in the 2011-12 Mid Year Fiscal and Economic Review.
The Act amends the Duties Act 2001 to include the following in the definitions of land and statutory licence:
- Prospecting and exploration permits under the Mineral Resources Act 1989
- Authorities to prospect under the Petroleum and Gas (Production and Safety) Act 2004 (including those under the previous Petroleum Act 1923)
- Geothermal exploration permits under the Geothermal Energy Act 2010
- GHG exploration permits under the Greenhouse Gas Storage Act 2009.
For more information, go to: http://www.osr.qld.gov.au/ or telephone Office of State Revenue on 1300 300 734.
Competitive cash bidding
There is a new process to the way land is made available for companies seeking the right to explore highly prospective land in Queensland.
Find out more about the competitive cash bidding process.
Last updated 29 July 2013