Australian Capital Territory Consolidated Acts

DUTIES ACT 1999 - SECT 20

    (1)     The dutiable value of dutiable property that is subject to a dutiable transaction is the greater of—

        (a)     the consideration (if any) for the dutiable transaction (being the amount of a monetary consideration or the value of a non-monetary consideration); and

        (b)     whichever of the following applies:

              (i)     for a long-term lease or franchise arrangement—the unencumbered value of the Crown lease of the land in relation to which the long-term lease or franchise arrangement is granted;

              (ii)     for a land rent lease—the amount that would be the unencumbered value of the lease if it were a Crown lease that is not a land rent lease;

              (iii)     for any other dutiable property—the unencumbered value of the dutiable property.

    (2)     However, the dutiable value of a dutiable transaction that is a purchase agreement for a declared affordable house and land package, is the lesser of—

        (a)     the value of the land component of the package on the date of the agreement; and

        (b)     the value of the land component of the package on the date the liability for duty arises under section 16A (1).

    (3)     However, if the land the subject of a long-term lease mentioned in section 10 (1) (e) is not identical to the land the subject of the previous lease and any earlier surrendered lease, "land" in subsection (1) (b) (i) means the part of the land the person would hold continuously for longer than 30 years.

    (4)     The dutiable value of a partnership interest mentioned in section 28 is to be determined in accordance with that section.

    (5)     In this section:

"declared affordable house and land package" means a house and land package declared under section 16B.

"land rent lease"—see the Land Rent Act 2008 , section 7 (4).