Northern Territory Consolidated Acts

STAMP DUTY ACT - SECT 56NB

(1) The unencumbered value of land to which a corporation is entitled at a particular time is the aggregate of the following amounts:

(a) the unencumbered value, at that time, of land to which the corporation is entitled in its own right;

(b) the portion of the unencumbered value, at that time, of land to which the corporation would be entitled if each linked entity were to be wound up.

(2) For subsection (1)(b), the portion of the unencumbered value to which the corporation would be entitled is the value determined without regard to any liabilities of a linked entity.

(3) For this section:

(a) a person is taken to be entitled to land that is subject to an agreement for the sale or purchase of the land by the person; and

(b) a person who is entitled to land as a co-owner of the land is taken to be entitled to the whole of the land unless the Commissioner is satisfied the reason for the person being a co-owner is not to defeat the object of this Division.