Transfer duty on resource authorities
Transfer duty is charged on transactions involving resource authorities.
Resource authorities include:
- authorities to prospect
- exploration permits, prospecting permits, mining claims, mineral development licences and mining leases
- geothermal exploration permits
- greenhouse gas (GHG) exploration permits.
Land in Queensland is dutiable property, which includes resource authorities. An agreement to transfer a resource authority or a transfer of a resource authority are dutiable transactions to which transfer duty applies.
Transfer duty is calculated on the dutiable value of the resource authority, which is the higher of the consideration for the resource authority (purchase price) or the unencumbered value. Duty must be paid to Queensland Revenue Office (QRO) before the resource authority transaction is lodged with the Department of Resources.
Lodging a resource authority transaction
To lodge an agreement or application to transfer a resource authority, we require the following:
- a dutiable transaction statement (Form D2.2)
- the agreement or, if there is no agreement, the Department of Resources application to transfer (e.g. Form MMOL-05, Form MM0L-05A)
- a transfer duty statement (Form D2.3) if you do not have an application to transfer document or agreement
- the consideration for the transaction
- independent evidence of value of the resource authority (e.g. a valuation prepared by a registered valuer or person the Commissioner of State Revenue is satisfied is properly qualified) when
- the consideration is nominal or nil
- the parties are related
- the consideration cannot be determined at the time the agreement is made
- the unencumbered value is higher than the consideration.
The parties to an agreement to transfer a resource authority must submit their documents to QRO for assessment of duty within 30 days after the agreement is made. If the agreement is conditional, you may request an extension of time to lodge - read the public ruling on extending time to lodge an agreement (DA019.1) for more information.
Where there is no agreement, the application to transfer must be lodged with QRO within 30 days after being executed.
After transfer duty has been paid, you should lodge your agreement or application to transfer with the Department of Resources as soon as possible.
- Last reviewed: 14 Oct 2022
- Last updated: 14 Oct 2022