75G. Partial exemption or partial refund of duty
(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;
(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; or
(c) in relation to an instrument referred to in section 75E(1)(c) or, (d)(iii) or (e)(iii), the assets of the farming company do not only comprise farming property,
for the purpose of assessing duty on that instrument, notwithstanding any other provision of this Act ¾
(d) the Commissioner shall assess duty on the unencumbered value of the farming property, interest in the partnership or share in the company as determined in accordance with section 75A;
(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 or item 4A of the Second Schedule, as the case requires; 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 or company referred to in subsection (1)(b) or (c), shall be calculated as follows ¾
where ¾
A is the value of the farming property (as determined in accordance with section 75A) comprised in the assets of the partnership or company, as the case requires;
B is the total value of the assets of the partnership or company, as the case requires;
C is the amount of the total liabilities of the partnership or company, as the case requires; 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.]