Northern Territory Consolidated Acts Northern Territory Consolidated Acts29AA. Value of partnership acquisition if change in membership of partnership by admission of one or more new partners
Where a new partnership is formed by a change in the membership of a partnership by the admission of one or more new partners, the unencumbered value of a partner's partnership acquisition on the formation of the new partnership is determined by:
(a) applying the partner's partnership interest to the unencumbered value of all dutiable property held by the new partnership on its formation; and
(b) deducting from that:
(i) if the partner was not a partner of the former partnership - the value that would be the unencumbered value of the partner's partnership acquisition in the new partnership on its formation if the dutiable property of the partnership comprised only the dutiable property (if any) that the partner contributed to it on its formation; or
(ii) if the partner was a partner in the former partnership - the lesser of the following:
(A) the value that would be the unencumbered value of the partner's partnership acquisition in the new partnership on its formation if the dutiable property of that partnership comprised only the dutiable property of the former partnership;
(B) the value that represents the unencumbered value of the partner's partnership interest in the former partnership before the formation of the new partnership.