Tasmanian Numbered Acts Tasmanian Numbered Acts26. Partitions
(1) For the purposes of this section, a partition occurs when property (some or all of which is dutiable property) that is held by persons jointly (as joint tenants or tenants in common) and beneficially is transferred or agreed to be transferred to one or more of those persons.
(2) For the purposes of this section and sections 14 and 16, a partition is taken to be a single dutiable transaction.
(3) The dutiable value of a partition is to be determined in accordance with the following formula:
"DV" is the dutiable value;"A" is the sum of the amounts by which the unencumbered value of the property transferred or agreed to be transferred to a person exceeds the unencumbered value of the interest held by the person in that property immediately before the partition, or the sum of any consideration for the partition paid by any of the parties, whichever is the greater;"X" is the unencumbered value of all dutiable property the subject of the partition;"Y" is the unencumbered value of all property the subject of the partition.(4) For the purposes of this section and despite subsection (3), the unencumbered value of dutiable property that is a business asset to which section 24 applies is the dutiable value of the business asset determined in accordance with section 24.
(5) The minimum duty chargeable on a transaction that effects a partition is $20.
(6) Duty charged by this section is payable by the persons making the partition or any one or more of them.
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