AustLII Tasmanian Numbered Acts

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TAXATION LEGISLATION (MISCELLANEOUS AMENDMENTS) ACT 2006 (NO. 40 OF 2006) - SECT 6

Section 25 amended (Partnership interests)

Section 25 of the Principal Act is amended by inserting after subsection (2) the following subsections:
(3)  If the property of a partnership includes a land-related asset and an interest in the land-related asset is transferred as a result of the transfer of a partnership interest, the unencumbered value of all dutiable property of the partnership ( "X" in subsection (1) ) is to be reduced by the unencumbered value of the interest in the land-related asset that is transferred, but only if ad valorem duty has been paid or is payable on the transfer of the interest in the land-related asset.
(4)  For the purposes of subsection (3) , each of the following items of dutiable property is a land-related asset:
(a) land in Tasmania;
(b) a land use entitlement;
(c) an interest in an item of dutiable property referred to in paragraph (a) or (b) .



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