Western Australian Numbered Acts Western Australian Numbered Acts (1) This section
applies if, on a person (the "retiring partner” ) ceasing to be a
partner in a partnership because of the retiring partner’s retirement
from the partnership or its dissolution, dutiable property of the partnership
is transferred or agreed to be transferred to the retiring partner.
(2) The dutiable value
of a transfer of, or an agreement for the transfer of, dutiable property to
the retiring partner must be reduced by an amount calculated by applying the
retiring partner’s partnership interest in the partnership to the
unencumbered value of the dutiable property immediately before the retirement
or dissolution.
Note: Example for
subsection (2) —
A, B and C are in
partnership in equal shares. B had a one-third partnership interest
immediately before retiring. On B ceasing to be a partner, A and C transfer
land to B. The dutiable value of the land acquired by B will be reduced by
one-third.
Subdivision 1 — Terms used in this Division