DUTIES ACT 2001 - SECT 501
Consideration for instruments and transactions on which duty imposed
DUTIES ACT 2001 - SECT 501
Consideration for instruments and transactions on which duty imposed
501 Consideration for instruments and transactions on which duty imposed
(1)
It does not matter whether the consideration for an instrument or transaction
on which duty is imposed is paid or given or is required to be paid or given.
(2) If the consideration, or any part of the consideration, for an instrument
or transaction on which duty is imposed consists of property, other than a
security, the consideration or part of the consideration is the
unencumbered value of the property when the liability for duty arises.
(3) If
the consideration, or any part of the consideration, for an instrument or
transaction on which duty is imposed consists of a security, other than a
marketable security or debenture issued, or to be issued, by a corporation,
the consideration or part of the consideration is the amount of principal and
interest owing when the liability for duty arises.
(4) If the consideration,
or any part of the consideration, for an instrument or transaction on which
duty is imposed is a marketable security or debenture issued, or to be issued,
by a corporation, the value of the consideration is the market value of the
security or debenture when the liability for duty arises.
(5) However, if the
marketable security or debenture has not issued when the liability for duty
arises, the value of the consideration is the market value of the security or
debenture at the date of issue.
