Northern Territory Consolidated Acts Northern Territory Consolidated Acts29B. Reduction of dutiable value of dutiable property if conveyed to partner on retirement or dissolution of partnership
(1) This section applies if, because a person ceases to be a partner in a partnership because he or she retires from the partnership or the partnership is dissolved, dutiable property of the partnership is conveyed or agreed to be conveyed to the person.
(2) The unencumbered value of the dutiable property conveyed to the person is to be reduced by an amount determined by applying the person's partnership interest in the partnership to the unencumbered value of the dutiable property of the partnership immediately before the person's retirement or the partnership's dissolution.
(3) If the unencumbered value of dutiable property is reduced under subsection (2) to a value that is more than the consideration for the dutiable property, the amount of duty payable on the conveyance of the dutiable property is:
(a) subject to paragraph (b) - the amount of duty determined to be payable on the reduced unencumbered value of the dutiable property; or
(b) if the amount of duty determined to be payable on the reduced unencumbered value of the dutiable property is less than $20 - $20.