Northern Territory Numbered Acts

REVENUE LAW REFORM (STAMP DUTY) ACT 2007 (NO 27 OF 2007) - SECT 10

Section 4A(3A) to (6)

omit, substitute

    (4)     An encumbrance includes:

    (a)     a mortgage or charge; or

    (b)     a debt or liability that might give rise to a right of recourse against the property; or

    (c)     any agreement or arrangement (including a lease) that has the effect of reducing the value of the property unless:

        (i)     the parties to the agreement or arrangement are not associates; and

        (ii)     the Commissioner is satisfied that the agreement or arrangement was not made for a purpose (collateral or otherwise) of reducing the value of the property;

but does not include an easement or restrictive covenant unless the Commissioner is of the opinion that it was created or entered into for a purpose (collateral or otherwise) of reducing the value of the property.

    (5)     For the purpose of assessing duty on a particular conveyance the Commissioner may, if satisfied that improvements on land subject to the conveyance have been built by, or at the expense of, the conveyee, reduce the unencumbered value of the land by an amount that reflects, in the Commissioner's opinion, the value of the improvements at the date of the conveyance.