20What is the *dutiable value* of dutiable property?

20 What is the *dutiable value* of dutiable property? (1) The ***dutiable value*** of dutiable property that is the subject of a dutiable transaction is the greater of— (a) the consideration (if any) for the dutiable transaction (being the amount of a monetary consideration or the value of a non-monetary consideration); and (b) the unencumbered value of the dutiable property. S. 20(2) inserted by No. 58/2003 s. 6. (2) In determining the dutiable value of dutiable property, there is to be no discount for the amount of GST (if any) payable on the supply of that property. S. 20(3) inserted by No. 39/2009 s. 7. (3) Despite subsection (1), the dutiable value of a lease referred to in section 10(1)(ab) that is the subject of a dutiable transaction is the greater of— (a) any consideration (being the amount of a monetary consideration or the value of a non-monetary consideration) other than rent reserved that is paid or agreed to be paid; and (b) the unencumbered value of the land that is subject to the lease.