Tasmanian Numbered Acts

DUTIES ACT 2001 (NO. 15 OF 2001) - SECT 18

18. 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, or both); 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 referred to in section 9(1)(g) that also has a relevant connection with the Commonwealth or another Australian jurisdiction is to be apportioned in accordance with section 24.

      (4) The dutiable value of a partnership interest referred to in section 25 is to be determined in accordance with that section.