DUTIES ACT 2008 - SECT 76

DUTIES ACT 2008 - SECT 76

76 .         Partnership acquisition, dutiable value of

                The dutiable value of a partnership acquisition is —

            (a)         the consideration for the acquisition so far as the consideration relates to dutiable property —

                  (i)         held by the partnership; or

                  (ii)         to which an entity linked to the partnership is entitled;

                or

            (b)         the value of the partnership interest the subject of the acquisition at the time when liability for duty on the transaction arises if —

                  (i)         there is no consideration for the acquisition; or

                  (ii)         the consideration cannot be ascertained when liability for duty on the transaction arises; or

                  (iii)         the value of the partnership interest is greater than the consideration for the acquisition.