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DUTIES ACT 1997 - SECT 21
What is the "dutiable value" of dutiable property?
21 What is the "dutiable value" of dutiable property?
(1) The
"dutiable value" of dutiable property that is subject to a
dutiable transaction is the greater of-- (a) the consideration (if any) for
the dutiable transaction (being the amount of a monetary consideration or the
value of a non-monetary consideration), and
(b) the unencumbered value of the
dutiable property.
(2) The
"dutiable value" of dutiable property transferred by way of foreclosure is the
unencumbered value of the dutiable property and not the value of the debt
secured by the mortgaged property.
(3) The
"dutiable value" of a business asset to which section 28 applies is to be
determined in accordance with that section.
(4) The
"dutiable value" of a partnership interest referred to in section 29 is to be
determined in accordance with that section.
(5) The
"dutiable value" of leased property transferred by way of a lease is taken to
be the amount of the premium paid or payable in respect of the lease.
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