DUTIES ACT 1997 - SECT 21 What is the "dutiable value" of dutiable property?

DUTIES ACT 1997 - SECT 21

21 What is the "dutiable value" of dutiable property?

(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) the unencumbered value of the dutiable property.

(2) The
"dutiable value" of dutiable property transferred by way of foreclosure is the unencumbered value of the dutiable property and not the value of the debt secured by the mortgaged property.

(3) The
"dutiable value" of a business asset to which section 28 applies is to be determined in accordance with that section.

(4) The
"dutiable value" of a partnership interest referred to in section 29 is to be determined in accordance with that section.

(5) The
"dutiable value" of leased property transferred by way of a lease is taken to be the amount of the premium paid or payable in respect of the lease.