Northern Territory Numbered Acts

REVENUE LAW REFORM (STAMP DUTY) ACT 2007 (NO 27 OF 2007) - SECT 13

Section 4D

repeal, substitute

4D     Surrender of property amounts to conveyance in certain circumstances

    (1)     A person surrenders property:

    (a)     if the person relinquishes, renounces or abandons the property; or

    (b)     if the person owns the property and it is cancelled, abrogated, forfeited or extinguished.

    (2)     A surrender of property is a conveyance of the property if:

    (a)     the surrender results in an accretion to the interest of someone (the conveyee ) in property to which the surrender relates; or

Example

The surrender of a reversionary interest, or an interest in remainder.

    (b)     the surrender removes a restriction on the right that someone (the conveyee ) has to use the property to which the surrender relates; or

Example

The surrender of a lease over property.

    (c)     the surrender enables someone (the conveyee ) to convey the property or substantially similar property to a third person.

Example

The surrender of a franchise arrangement.