Computation of duty where instruments are interrelated
67 Computation of duty where instruments are interrelated
Subject to subsection (2), this section applies to the following instruments:
a conveyance on sale; or
a conveyance operating as a voluntary disposition inter vivos; or
an instrument chargeable with duty as if it were a conveyance (including a statement under section 71E).
This section does not apply to the following instruments:
a conveyance that relates to property that is being conveyed in separate parcels to different persons by separate conveyances where the
Commissioner is satisfied that no arrangement or understanding exists between the persons under which the parcels of property conveyed are to be used otherwise than separately and independently from each other;
a conveyance that relates to land that is being conveyed as part of a series of separate conveyances of land by different persons to the same person (whether that person takes alone or with the same or different persons) where the Commissioner is satisfied that the land is being conveyed by persons acting separately and independently from each other;
an instrument excluded from the operation of this section by the regulations.
Where two or more instruments to which this section applies—
arise from a single contract of sale; or
together form, or arise from, substantially one transaction or one series of transactions, the instruments are chargeable with ad valorem duty calculated on the sum of the amounts by reference to which ad valorem duty on each of the instruments would, but for this subsection, have been calculated, and that duty will be apportioned to the various instruments as determined by the
Commissioner.
Where by instruments that have been, or appear to have been, executed within 12 months of each other a person conveys property or interests in property to the same person (whether that person takes alone or with the same or different persons), it will be presumed, unless the
Commissioner is satisfied to the contrary, that the instruments form one transaction or one series of transactions.
If 2 or more instruments to which this section applies together form or arise from substantially 1 series of transactions, the instruments are to be taken for the purposes of the calculation of duty to form or arise from a single transaction made when the earlier or earliest of the transactions was made.
This section does not operate to reduce the duty payable on an instrument.
This provision refers to the regulations (the regulations
). Made under this Act:
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.