Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 11

11 What is the dutiable value of a dutiable transaction

(1) The
"dutiable value" of a statutory dutiable transaction is the amount payable for the transaction.

(2) The
"dutiable value" of a dutiable transaction that is a partition is determined under section 31 .

(3) The
"dutiable value" of a dutiable transaction that is the surrender of a lease of land in Queensland is the total of any premium, fine or other consideration payable for the surrender.

(4) The
"dutiable value" of a dutiable transaction that is the acquisition of a new right that is a lease of land in Queensland is the total of any of the following amounts payable for the lease—

(a) premiums, fines or other consideration payable for the grant of the lease;

(b) consideration paid for, or the value of, any moveable chattels taken over by the lessee from the lessor or outgoing lessee;

(c) if, on the leased premises, a business is to be carried on and an amount in excess of what would be the rent if a business was not carried on is charged for the lease—the excess amount.

(5) The
"dutiable value" of a dutiable transaction that is a partnership acquisition is determined under part 7 , division 3 .

(6) The
"dutiable value" of a dutiable transaction that is a trust acquisition or trust surrender is determined under part 8 , division 5 .

(6A) The
"dutiable value" of a dutiable transaction that is an agreement for the transfer of dutiable property that is a farm-in agreement is determined under part 8A .

(7) Subject to section 48 , the
"dutiable value" of another dutiable transaction is—

(a) the consideration for the dutiable transaction; or

(b) the unencumbered value of the dutiable property or new right the subject of the transaction if—

(i) there is no consideration for the transaction; or

(ii) the consideration can not be ascertained when the liability for transfer duty arises; or

(iii) the unencumbered value is greater than the consideration for the transaction.

(8) However, the dutiable value of particular dutiable transactions is subject to apportionment under part 4 .