Queensland Consolidated Acts Queensland Consolidated Acts(1) This section applies to dutiable transactions under which dutiable property held by persons jointly as joint tenants or tenants in common is transferred, or agreed to be transferred, to 1 or more of the persons (a partition).
(2) The dutiable value of each dutiable transaction comprising the partition is the greater of the following--
(a) the amount by which the unencumbered value of the dutiable property transferred, or agreed to be transferred, is more than the unencumbered value of the interest held by the transferee in the property immediately before the transaction;
(b) the consideration paid by any party to the transaction.
(3) For assessing transfer duty on each of the dutiable transactions, the transactions must be aggregated and treated as a single dutiable transaction.
(4) The transfer duty imposed on the dutiable transactions under this section must be apportioned between the transactions as decided by the commissioner.
(5) This section does not apply to a transaction if section 48 applies to the transaction.