This Commissioner’s practice identifies how the dutiable value of a partnership acquisition is calculated.
Section 10 of the Duties Act 2008 (‘Duties Act’) imposes duty on dutiable transactions. Section 11 provides that a dutiable transaction includes a partnership acquisition.
Further provisions relating to the imposition of transfer duty on partnership acquisitions are contained in Chapter 2 Part 5 Division 4 of the Duties Act.
Section 70 of the Duties Act provides that, for the purposes of Chapter 2 Division 4, dutiable property is land in Western Australia and chattels in Western Australia.