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DUTIES ACT 1997 - SECT 24
Interests, agreements and arrangements that reduce the dutiable value
24 Interests, agreements and arrangements that reduce the dutiable value
(1) In determining the dutiable value of dutiable property under this Part,
any interest, agreement or arrangement (other than an encumbrance) granted or
made in respect of the dutiable property that has the effect of reducing the
dutiable value is to be disregarded, subject to subsection (2).
(2) An
interest, agreement or arrangement is not to be disregarded if the Chief
Commissioner is satisfied that it was not granted or made as a part of an
arrangement or scheme with a collateral purpose of reducing the duty otherwise
payable on the dutiable transaction.
(3) In considering whether or not he or
she is satisfied for the purposes of subsection (2), the Chief Commissioner
may have regard to-- (a) the duration of the interest, agreement or
arrangement before the dutiable transaction, and
(b) whether the interest,
agreement or arrangement has been granted to or made with an
associated person, and
(c) whether there is any commercial efficacy to the
granting of the interest or the making of the agreement or arrangement other
than to reduce duty, and
(d) any other matters the Chief Commissioner
considers relevant.
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