Western Australian Numbered Acts

DUTIES ACT 2008 (NO. 11 OF 2008) - SECT 77

77 .         Value of a partnership interest

        (1)         For the purpose of section 76(b), the value of a partnership interest the subject of a partnership acquisition is the total of the following amounts —

            (a)         in respect of the dutiable property held by the partnership — an amount determined by applying the partner’s partnership interest to the unencumbered value, when liability for duty on the transaction arises, of the dutiable property;

            (b)         in respect of the dutiable property to which an entity linked to the partnership is entitled — an amount determined by applying the partner’s partnership interest to an amount determined by applying section 157 as if a reference in that section —

                  (i)         to land were a reference to dutiable property; and

                  (ii)         to the main entity were a reference to the partnership.

        (2)         In determining the value of a partnership interest the subject of a new partner’s partnership acquisition on formation of a partnership, the value of any dutiable property the partner contributed to the partnership on its formation is to be disregarded.

        (3)         For the purposes of subsection (2), a person is a new partner only if —

            (a)         the person was not in partnership with any partners of the partnership immediately before its formation; or

            (b)         on the person’s partnership acquisition, the person becomes a partner in an additional partnership to a partnership in which the person is a partner with any partners of the additional partnership immediately before its formation.

        (4)         However, subsection (3)(b) does not apply to a person that makes a partnership acquisition in a partnership that was formed because of a change in the membership of the partners of another partnership (the "old partnership” ) if the person had a partnership interest in the old partnership.

        (5)         In determining the value of a partner’s partnership interest the subject of an acquisition that is an increase in the partner’s partnership interest, the partner’s partnership interest is taken to be the increase in the partner’s partnership interest.