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DUTIES ACT 1997 - SECT 23
What is the "unencumbered value" of dutiable property?
23 What is the "unencumbered value" of dutiable property?
(1) The
"unencumbered value" of dutiable property is the value of the property
determined without regard to any encumbrance to which the property is subject.
(2) The
"unencumbered value" of the goodwill of a business is taken to include the
value of any restraint of trade arrangement entered into by the vendor in
order to protect the value of the goodwill.
(3) If, before land is
transferred to a transferee, the transferee has made improvements to the land,
the unencumbered value of the land is to be determined as if those
improvements had not been made.
(4) Subsection (3) does not apply to
improvements made to the land for or on behalf of the transferee by the
transferor.
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