sec.106Special provision for assessing transfer duty if total gifts of property used for prescribed business exceed $500,000

### sec.106 Special provision for assessing transfer duty if total gifts of property used for prescribed business exceed $500,000 This section applies to a dutiable transaction to which this part applies if— business property to which the transaction relates is used to carry on a prescribed business; and the transferee or acquirer has, since 12 December 1984, been gifted business property, a partnership interest, a trust interest or a marketable security; and the gift was made by or at the direction of the ancestor of the transferee or acquirer; and the ancestor was a party to, or directed, the transaction; and the gifted business property or the business property of the partnership, trust or corporation to which the gifted interest or security relates is also used to carry on the prescribed family business. The unencumbered value of the business property to which the transaction relates is limited to the amount by which the total value of the property mentioned in subsection (1) (a) and (e) exceeds $500,000. Subsection (1) (b) does not apply to a marketable security gifted on or after 1 January 2007. s 106 amd 2006 No. 44 s 35 (sec.106-ssec.1) This section applies to a dutiable transaction to which this part applies if— business property to which the transaction relates is used to carry on a prescribed business; and the transferee or acquirer has, since 12 December 1984, been gifted business property, a partnership interest, a trust interest or a marketable security; and the gift was made by or at the direction of the ancestor of the transferee or acquirer; and the ancestor was a party to, or directed, the transaction; and the gifted business property or the business property of the partnership, trust or corporation to which the gifted interest or security relates is also used to carry on the prescribed family business. (sec.106-ssec.2) The unencumbered value of the business property to which the transaction relates is limited to the amount by which the total value of the property mentioned in subsection (1) (a) and (e) exceeds $500,000. (sec.106-ssec.3) Subsection (1) (b) does not apply to a marketable security gifted on or after 1 January 2007. - (a) business property to which the transaction relates is used to carry on a prescribed business; and - (b) the transferee or acquirer has, since 12 December 1984, been gifted business property, a partnership interest, a trust interest or a marketable security; and - (c) the gift was made by or at the direction of the ancestor of the transferee or acquirer; and - (d) the ancestor was a party to, or directed, the transaction; and - (e) the gifted business property or the business property of the partnership, trust or corporation to which the gifted interest or security relates is also used to carry on the prescribed family business.