(1) Where the Commissioner is satisfied that an instrument of conveyance is an instrument to which this Part applies but ¾

(a) in relation to an instrument referred to in section 75E(1)(a), (d)(i) or (e)(i), the instrument does not relate only to farming property; or

(b) in relation to an instrument referred to in section 75E(1)(b), (d)(ii) or (e)(ii), the assets of the farming partnership do not only comprise farming property,

[(c) deleted]

for the purpose of assessing duty on that instrument, notwithstanding any other provision of a stamp Act ¾

(d) the Commissioner shall assess duty on the unencumbered value of the farming property or partnership interest as determined in accordance with section 33 and sections 21 and 22 of the Taxation Administration Act 2003;

(e) the farming property shall be deemed to have no value; and

(f) in making the valuation referred to in paragraph (d) the Commissioner shall only have regard to an apportioned liability.

(2) When assessing the duty referred to in subsection (1) ¾

(a) duty shall be charged on the instrument referred to in that subsection at the rate of duty provided for in item 4 of the Second Schedule; and

(b) the person liable to pay that duty shall be the person who, if not for the operation of this Part, would have been so liable.

(3) In this section the }apportioned liability~, in relation to a partnership referred to in subsection (1)(b), shall be calculated as follows ¾

where ¾

A is the value of the farming property (as determined in accordance with section 33 and sections 21 and 22 of the Taxation Administration Act 2003) comprised in the assets of the partnership;

B is the total value of the assets of the partnership;

C is the amount of the total liabilities of the partnership; and

L is the apportioned liability.

[Section 75G inserted by No. 79 of 1994 s. 4(1); amended by No. 20 of 1996 s. 33; No. 2 of 2003 s. 71; No. 66 of 2003 s. 44.]