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DUTIES ACT 1997 - SECT 22
What is the consideration for the transfer of dutiable property?
22 What is the consideration for the transfer of dutiable property?
(1) The consideration for the transfer of dutiable property is taken to
include the amount or value of all encumbrances, whether certain or
contingent, subject to which the dutiable property is transferred.
(2) The
consideration for the transfer of the interest of a transferee under an
uncompleted agreement for the sale or transfer of dutiable property is taken
to include the balance of the amount or value of the consideration that would
be required from the transferee under the agreement in order to complete it in
accordance with its terms.
(3) The consideration for the transfer of the
goodwill of a business is taken to include the amount or value of the
consideration for any restraint of trade arrangement entered into in
connection with the transfer of the goodwill.
(4) The consideration for a
transfer of land in New South Wales that occurs as a consequence of the
exercise of an option to purchase land is taken to include the amount or value
of the consideration provided by or on behalf of the transferee for the option
(whether for its grant, transfer, exercise or otherwise).
Note : This section
extends to an agreement for sale or transfer of dutiable property. Under
sections 8 and 9 such agreements are treated as transfers of
dutiable property.
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