Northern Territory Numbered Acts

REVENUE LAW REFORM (STAMP DUTY) ACT 2007 (NO 27 OF 2007) - SECT 11

Section 4AB

repeal, substitute

4AB     Dutiable value

    (1)     The dutiable value of dutiable property is:

    (a)     if consideration is, or is to be, given for the property – the amount or value of the consideration or the unencumbered value of the property (whichever is the greater); or

    (b)     if no consideration is given for the property – the unencumbered value of the property.

    (2)     If the amount of consideration is dependent on future contingencies, the dutiable value of the property will be assessed on the assumption that the contingencies will operate so as to maximise the consideration to be given for the property.

    (3)     However, if it is later shown, on an application for reassessment of duty, that the consideration actually given is less than the assumed consideration, and there is no further scope for contingent increase, the Commissioner may reassess the dutiable value of the property taking into account the amount or value of the consideration actually given.

4AC     Valuing certain interests in property

    (1)     If property is held in common by 2 or more persons, the value of the interest of an owner in the property is assessed by multiplying the total value of the property by a fraction representing the owner's proportionate share of ownership.

    (2)     The interest of a joint owner of property is valued as if both or all joint owners were tenants in common in equal shares.

    (3)     This section is applicable both to unencumbered and dutiable value.