Australian Capital Territory Numbered Acts

DUTIES ACT 1999 - SECT 29

(1)     For the purposes of this section, a partition occurs when property (some or all of which is dutiable property) that is held by persons jointly (as joint tenants or tenants in common) and beneficially is transferred or agreed to be transferred to 1 or more of those persons.

(2)     For the purposes of this section and sections 15 and 17, a partition is taken to be a single dutiable transaction.

(3)     The dutiable value of a partition ( DV ) is to be determined in accordance with the following formula:

where—

    A     is the sum of the amounts by which the unencumbered value of the property transferred or agreed to be transferred to a person exceeds the unencumbered value of the interest held by the person in that property immediately before the partition, or the sum of any consideration for the partition paid by any of the parties, whichever is the greater;

    X     is the unencumbered value of all dutiable property the subject of the partition; and

    Y     is the unencumbered value of all property the subject of the partition.

(4)     The minimum duty chargeable on a transaction that effects a partition is $20.

(5)     Duty charged by this section is payable by the persons making the partition or any 1 or more of them.