DUTIES ACT 2001 - SECT 99 Conditions for partnership acquisitions

DUTIES ACT 2001 - SECT 99

99 Conditions for partnership acquisitions

(1) The conditions applying to a dutiable transaction mentioned in section 97 (1) (b) are as follows—

(a) the partnership is a family partnership for the acquirer;

(b) the transferor or person directing the acquisition is—

(i) if the business property is used to carry on a business of primary production—a defined relative of the acquirer; or

(ii) otherwise—an ancestor of the acquirer;

(c) the acquirer does not acquire the partnership interest as—

(i) trustee, other than as trustee of a trust for the beneficiaries mentioned in subsection (2) ; or

(ii) agent or nominee of another person;

(d) the business for which the business property is used is carried on by the defined relative or ancestor with the other partners;

(e) the business is intended to be carried on by the acquirer, whether alone or with other partners.

(2) For subsection (1) (c) (i) —

(a) the beneficiary of the trust is a minor, and—

(i) if the business property is used to carry on a business of primary production—the minor is a defined relative of the person creating the trust; or

(ii) otherwise—the minor is a descendant of the person creating the trust; and

(b) there are no other beneficiaries of the trust, other than a person who would become a beneficiary of the trust on the death of the beneficiary mentioned in paragraph (a) .