Northern Territory Consolidated Acts

STAMP DUTY ACT - SECT 4AB

(1) The dutiable value of dutiable property is:

(a) if consideration is, or is to be, given for the property - the amount or value of the consideration or the unencumbered value of the property (whichever is the greater); or

(b) if no consideration is given for the property - the unencumbered value of the property.

(2) If the amount of consideration is dependent on future contingencies, the dutiable value of the property will be assessed on the assumption that the contingencies will operate so as to maximise the consideration to be given for the property.

(3) However, if it is later shown, on an application for reassessment of duty, that the consideration actually given is less than the assumed consideration, and there is no further scope for contingent increase, the Commissioner may reassess the dutiable value of the property taking into account the amount or value of the consideration actually given.

(4) If:

(a) dutiable property consists of an interest in an exploration licence or exploration retention licence under the Mining Act ; and

(b) the conveyance of the interest arises out of the operation of a farm-in agreement; and

(c) the exploration work, or the contribution to the cost of exploration work, in respect of which the right to the interest arises under the farm-in agreement has actually been carried out or made;

then, for the purpose of assessing the dutiable value of the interest, its unencumbered value will be determined as at the date of the farm-in agreement and the consideration will be taken to be the amount by which the consideration given for the interest exceeds the reasonable cost of the exploration work or (where the consideration consists of a contribution to the cost of exploration work) the relevant proportion of that reasonable cost.